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. Last Updated: 07/27/2016

U.S. Savings Rate Falls

WASHINGTON -- Americans went on a spending spree in September, driving the U.S. savings rate to the lowest level since the Great Depression of the 1930s, government figures showed.

The amount saved by U.S. consumers as a proportion of their after-tax income dipped to minus 0.2 percent in September as overall spending grew robustly, far outstripping the meager gain in income, the Commerce Department reported Monday.

For every $100 that consumers earned net of taxes in wages, salaries and interest income, they spent $100.20.

That was the first time since 1933 that government records have shown consumers spending more money than they were earning in after-tax income.