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Money Monday: Americans are saving more than spending

Americans are saving faster than they are spending.

money“It’s a key shift in spending habits that started during the Great Recession. And the trend continues as we head into the holiday shopping season this weekend.

“The savings rate in the United States rose to 5.6% in October — its highest mark in nearly three years. In September, the savings rate was 5.3%. Put another way, Americans put aside an extra $40 billion in October rather than spend it.

“The personal consumption expenditure, a measure of spending, only rose 0.1% between September and October…”

This article is from CNN Money. Read more of this article at CNN Money here.