--- title: U.S. Savings Rate Hits Two-Year High description: Americans are saving a larger portion of their income than they have in two years, according to a new report from the Department of Commerce. authors: - name: Jacob Davidson url: https://money.com/author/jacob-davidson/ at_money_since: 2014 articles: 106 covers: - Personal Finance - Banking - Business - Career Advice - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Retirement - Shopping - Taxes - Technology social: - https://x.com/JakeD former_staff: true published: '2015-03-30T16:57:57.000Z' modified: '2024-04-16T05:34:57.000Z' section: Personal Finance tags: - Consumption - Saving - saving money - Savings Rate - Spending word_count: 223 canonical: https://money.com/savings-rate-two-year-high/ type: Article source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![150330_INV_HighSavings](https://img.money.com/2015/03/150330_inv_highsavings.jpg) Americans are saving a larger portion of their income than they have in two years, according to a new [report](http://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm) from the Department of Commerce. The numbers show savings amounted to $768.6 billion in February, or 5.8% of total disposable income. The last time Americans had a higher savings rate was in December 2012, when individuals saved 10.5% of their disposable earnings. The higher savings rate corresponds with a small drop in inflation-adjusted spending and suggests Americans continue to use the recent drop in gasoline prices as a chance to [beef up their bank balances or pay down debt](http://www.wsj.com/articles/savings-at-the-pump-are-staying-in-wallets-1422661976). More savings and less spending could have a negative impact on the economy, which has already seen [slower growth in recent months.](http://www.nytimes.com/2015/02/28/business/economy/us-q4-gross-domestic-product-revision.html?_r=0) But Americans are still socking away less money than they did during the recession and its aftermath, when the savings rate regularly hovered around 6% and above: ![150330_INV_HighSavings2](https://img.money.com/2015/03/150330_inv_highsavings2.jpg?quality=85) Paul Ashworth, chief U.S. economist at Capital Economics in Toronto, told [Reuters](http://www.reuters.com/article/2015/03/30/us-consumer-spending-idUSKBN0MQ18N20150330) that while consumption is currently down, strong economic fundamentals suggest spending should pick up again as the year progresses. "Households are still flush with the money saved from the big drop-off in gasoline prices and, with the labor market still on fire, incomes should continue to increase at a solid pace," Ashworth said. **Read next:** [Why Many Middle-Class Households Are Outsaving the Wealthy](https://money.com/retirement-saving-middle-class/ "Why Many Middle-Class Households Are Outsaving the Wealthy") ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/savings-rate-two-year-high/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Personal Finance", "item": "https://money.com/personal-finance/" }, { "@type": "ListItem", "position": 3, "name": "Saving Money", "item": "https://money.com/saving-money/" }, { "@type": "ListItem", "position": 4, "name": "U.S. Savings Rate Hits Two-Year High" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/savings-rate-two-year-high/#webpage", "url": "https://money.com/savings-rate-two-year-high/", "name": "U.S. Savings Rate Hits Two-Year High", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2015-03-30T16:57:57.000Z", "mainEntity": { "@id": "https://money.com/savings-rate-two-year-high/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/savings-rate-two-year-high/#breadcrumb" }, "dateModified": "2024-04-16T05:34:57.000Z" }, { "@type": "Article", "headline": "U.S. Savings Rate Hits Two-Year High", "articleSection": "Personal Finance", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2015/03/150330_inv_highsavings.jpg", "width": 5139, "height": 3450, "caption": "150330_INV_HighSavings" }, { "@type": "ImageObject", "url": "https://img.money.com/2015/03/150330_inv_highsavings2.jpg?quality=85", "width": 800, "height": 680 } ], "author": [ { "@type": "Person", "name": "Jacob Davidson", "url": "https://money.com/author/jacob-davidson/", "@id": "https://money.com/author/jacob-davidson/#author", "image": "https://money.com/content.money.com/wp-content/uploads/2015/12/jake-davidson-2.jpg?crop=35px%2C18px%2C872px%2C872px&resize=640%2C640&quality=85&strip&ssl=1", "email": "jake.davidson@yoh.timeinc.com", "sameAs": [ "https://x.com/JakeD" ] } ], "publisher": "https://money.com/#organization", "datePublished": "2015-03-30T16:57:57.000Z", "description": "Americans are saving a larger portion of their income than they have in two years, according to a new report from the Department of Commerce.", "abstract": "Americans are saving a larger portion of their income than they have in two years, according to a new report from the Department of Commerce.", "@id": "https://money.com/savings-rate-two-year-high/", "inLanguage": "en-US", "dateModified": "2024-04-16T05:34:57.000Z", "wordCount": 223, "keywords": [ "Consumption", "Saving", "saving money", "Savings Rate", "Spending" ], "about": [ { "@type": "Thing", "name": "Personal finance", "sameAs": [ "https://en.wikipedia.org/wiki/Personal_finance" ] }, { "@type": "Thing", "name": "Saving", "sameAs": [ "https://en.wikipedia.org/wiki/Saving" ] } ] } ] } ```