UNITED STATES — Americans nervous about the state of the economy are stashing their cash in the bank.
The government says the savings rate surged to 13.1% in march.
That’s up from 8% in February.
And, it’s the highest savings rate since November 1981.
Americans had $2.17 trillion in savings last month.
Consumers are putting more money away at a time when money market accounts and treasury bonds are yielding next to nothing.
This, after the federal reserve slashed rates to zero last month.