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January, 05 2009  Personal Saving Rate
Seasonally Adjusted Annual rate
The personal saving rate fell steadily over the past two decades as growing stock market and home equity wealth and plentiful jobs made households feel that they didn't need to save as much. The easy extension of credit also played a role as did changes in the culture that encouraged consumption over saving. The rate, at 2.8 percent in November 2008, is expected to end 2009 above 5 percent as households cut spending in response to the deepening recession. While this will not benefit retailers or the short-term outlook for the economy, it will help stabilize the economy in the long term as there will be less reliance on debt to propel growth. |
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| Market update information
provided by Bob Bach — National Director, Market Analysis,
Grubb & Ellis Company Copyright © 2004 Grubb &
Ellis Company. |
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