Report: Americans Saving More Than Spending

By Joe Gullo |

Published 11/25 2015 03:56PM

Updated 11/25 2015 03:56PM

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Retailers hoping for a pile of profit this Black Friday may want to stick their fingers in their ears for this story.

Americans are saving money faster than they are spending it.

It's a key shift in spending habits that started during the Great Recession. The trend continues heading into the holiday shopping season.

The U.S. Commerce Department says the savings rate in the U.S. rose to 5.6 percent in October. Its highest mark in almost three years.

In September, the savings rate was 5.3 percent.

Americans are put aside an extra $40 billion in October rather than spend it.

It doesn't appear that higher savings mean people are worried about a recession. The economy performed better than expected in the third quarter.

Trends indicate that Americans are spending, but are being careful.

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