1. A troubling trend is back
 US households had started to rebuild their balance sheets when the current crisis started, the savings
rate rose to 5%, according to the Bureau of Economic Analysis
 But since July, the savings rate is declining, spending is again outpacing disposable income
US consumers: Back to the old times ?
In June 2009, spending started to outpace income again
USD
billion
White Shapes: Spending is higher than Income
10,300 Personal
Consumption
10,100 back
times
old
9,900
S av i n g s
S av i n g s
9,700 Real Disposable
Personal Income
Source: U.S. Department of Commerce
9,500
Jan 2008 to Oct 2009 Dec 2008: Consumers Jun 2009: Spending again
start to save outpacing Income
Orders for Reprint at Nov. 30, 2009
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