61% Are Now Living Paycheck-to-Paycheck; Personal Savings Rate Falls – By Craig Bannister (MRCTV) / Aug 31, 2023
As of July, Americans are saving less – and more than half are living paycheck-to-paycheck – new reports reveal.
“61% of Americans are living paycheck to paycheck — inflation is still squeezing budgets,” CNBC reported on Thursday, citing a new Lending Club study on July 2023 consumer trends.
Also on Thursday, the U.S. Bureau of Economic Analysis (BEA) released its “Personal Income and Outlays” report for July, revealing that Americans’ average personal savings rate fell from 4.3% in June to 3.5% in July.
July’s 3.5% savings rate is a mere quarter of its 13.4% level when former Pres. Donald Trump left office and more than twice the 7.2% savings rate recorded during Trump’s first full month in the White House.
