While US personal incomes grew, as expected, at 0.3% MoM,
Americans resumed spending fare more than they make (increasing
0.6% MoM in April). For the 28th month in a row, YoY growth in
spending has outpaced incomes, sending the savings rate back down
to just 2.8, the lowest since the debt-funded holiday spending
spree of December 2017, and just shy of record lows.
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