American savings are at a 10-year low, report says

Consumer spending is up

Americans are simply not saving as much, the Commerce Department says — a sign economic growth could slow.

Savings fell to $351.5 billion in December 2017, and that is the lowest it has been in 10 years.

The Commerce Department said last week consumer spending has increased, however. It accelerated at a 2.5 percent seasonally adjusted rate in the October-December 2017 period.

That is the fastest acceleration in three years.

U.S. incomes rose 0.4 percent in December, the Commerce Department said.

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