US Personal Savings Rate Falls To -24% YoY In June (Revision Wipes Out $226 Billion In Savings)

On  top of today’s news that inflation (as measured by Core PCE Price Growth) is flat at 1.5% YoY, the same BEA report shows that the Personal Savings Rate in the USA fell to -24% YoY.

psvincyoy

At least Personal Income growth is 2.6% YoY.

Bear in mind that the estimates released today reflect the results of the annual update of the national income and product accounts (NIPAs) in conjunction with preliminary estimates for June 2017. The update covers the most recent 3 years and the first 5 months
of 2017.

This revision to savings just wiped out $226 billion.

bearevision

And like that, personal savings was gone.