June 29, 2010

HOPE: “Americans socked away more savings in May than at any time since September, as they continued to be cautious spenders, according to government data released Monday. According to the Commerce Department, the personal savings rate in May — the part of every paycheck that goes unspent — rose to 4 percent, the highest amount in nearly a year, as worried consumers saw stocks tumble in the United States and debt problems spread across Europe.”

Plus this: “Personal income in May rose by only 0.4 percent, which was less than expected. More worrisome is the fact that almost all the wage growth is coming either from the government — via temporary census jobs, which will end when the decennial count concludes in the fall — or from businesses that have received government stimulus funds. In short, very little growth is coming from the private sector.”

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