U.S. households saved some $1.1 trillion less than previously thought over the past six years, according to revised government data released Thursday.
As part of a comprehensive update of some of the nation's most-important economic statistics, the Bureau of Economic Analysis (BEA) now calculates that Americans stashed away an average 8.3 percent of their disposable income each year from 2017 through 2022, down from a previously estimated 9.4 percent. The reduction stems from an accounting adjustment that lowered personal income from mutual funds and real estate investment trusts.
The state of household finances is a key question facing the economy going forward as consumers confront increasing headwinds from high gasoline prices and the resumption of student-loan payments.
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