Fed Calls Economy “Robust” As Personal Savings Rate Collapses to Same Level of 2008 Financial Crisis

Powell’s statement stands in stark contrast to the numbers coming out of the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA). According to BEA data, the Personal Savings Rate in the U.S. now stands at 3.5 percent, exactly where it stood in August of 2008 – in the midst of the worst financial crisis since the Great Depression.