Buried in all the personal income and spending data was news that the US savings rate dipped in October to 4.4% from 4.6% the prior month. A rising savings rate indicates a timid consumer. Looks like US consumers are a shade less timid than they were earlier this year when the savings rate reached the 5% level. During the height of the credit bubble, they fell to just over 1%.
Here is a Bloomberg wrap up of all the data so far today.
