More Americans are saving their money

Local News

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.

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