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Economic Perspectives

Domestic Consumers: Bigger Savers Than Previously Thought

Authored by Brian Jones, FHLBNY Financial Economist


August 2018


  • U.S. Personal Savings Rate Much Higher than Previously Thought
  • Domestic Consumers Saving Considerably More Since the Great Recession
  • Adjustments to a Variety of Components Boosted Personal Income Estimates
  • Lower Personal Tax Payments and Consumer Outlays Also Added to Personal Saving
  • Revised Personal Saving Rate Now Closer to Flow-of-Funds Measures
  • Increases in Household Net Worth Are Yet Another Positive Saving Development
  • Tight Labor Markets and Healthier Savings Behavior Will Continue to Buoy Spending

American consumers have long been chided for their allegedly extravagant ways. With few exceptions, the percentage of funds saved out of personal disposable income by domestic residents has lagged behind those of other industrialized nations and even-larger groupings such as the Euro area or the European Union…

Disclaimer. The Federal Home Loan Bank of New York (“FHLBNY”) is providing this report for informational purposes only. This report should not be construed as an opinion, recommendation, or solicitation regarding the use of any financial strategy and/or the purchase or sale of any financial instrument. The recipients of this report are advised to conduct their own independent due diligence and consult with financial advisors, accountants, and attorneys before making any investment, credit, or any other financial decisions. FHLBNY does not warrant the completeness or accuracy of this report. The past performance of any FHLBNY service or product should not be viewed as a guarantee of future results. The information contained in this report, as well as the services and products provided by the FHLBNY, may change at any time without notice.

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