We are apparently back in the spend your way to prosperity mode. Last week Wall Street greeted the “strong” April PCE number with a spree of dip-buying, but you have to wonder just how long households can keep reaching into their cookie jars in order to spend what they are not earning.
According to the Commerce Department, the abysmal 4.4% personal savings rate posted for April was the lowest level since August 2008, and we know what happened next!
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