Government stimulates savings more than spending (AP)

June 28th, 2009 | by |

FILE - In this April 11, 2009 file photo, Joe Walls empties a bag of fifty-cent-pieces into a Penny Arcade coin counting machine at TD Bank in Fairless Hills, Pa. Households pushed their savings rate to the highest level in more than 15 years in May as a big boost in incomes from the government's stimulus program was devoted more to bolstering nest eggs than increased spending. (AP Photo/Mel Evans, File)AP – WASHINGTON — Households raised their savings rate to the highest level in more than 15 years in May as many used a big boost in money from the government’s stimulus program to bolster nest eggs rather than to spend more. Still, with consumer spending expected to stay subdued, a sustained economic recovery seems doubtful anytime soon.

Source:Government stimulates savings more than spending
(AP)

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