Personal Saving, Spending & Consumer Credit
Latest data: July 1, 2026 · Updated automatically from official sources
How households pay for their spending matters as much as how much they spend. A falling saving rate alongside rising consumer credit is a classic sign that spending is being sustained by drawing down savings and borrowing rather than by income growth — a pattern worth watching together, not in isolation.
Latest readings
- Personal Saving Rate was 3.0% as of July 2026, up 0.4 percentage points from the prior reading, versus 4.5% a year earlier.
- Consumer Spending was up 5.9% year over year in July 2026, compared with 6.5% in the prior period and 5.3% a year earlier.
- Consumer Credit was $5,186.20T as of July 2026, up 0.3% from the prior reading and up 2.6% from a year earlier — the highest reading since records in this series began in 1943.
- Consumer Credit was up 2.6% year over year in July 2026, compared with 2.5% in the prior period and 0.2% a year earlier.
Personal saving rate
Personal consumption expenditures
Consumer credit outstanding
Recent readings
| Period | Saving rate | Change | PCE ($B, SAAR) |
|---|---|---|---|
| July 2026 | 3.0% | +0.40 pp | $22.25T |
| June 2026 | 2.6% | -0.20 pp | $22.21T |
| May 2026 | 2.8% | -0.10 pp | $22.14T |
| April 2026 | 2.9% | -0.60 pp | $21.95T |
| March 2026 | 3.5% | -0.30 pp | $21.81T |
| February 2026 | 3.8% | -0.60 pp | $21.61T |
| January 2026 | 4.4% | +0.80 pp | $21.48T |
| December 2025 | 3.6% | -0.20 pp | $21.45T |
| November 2025 | 3.8% | -0.10 pp | $21.36T |
| October 2025 | 3.9% | -0.40 pp | $21.29T |
| September 2025 | 4.3% | -0.10 pp | $21.20T |
| August 2025 | 4.4% | -0.10 pp | $21.12T |
| July 2025 | 4.5% | — | $21.01T |
Key statistics
| Indicator | Latest | Year ago | 5-yr avg | Long-run avg | Record high | Record low | Data since |
|---|---|---|---|---|---|---|---|
| Personal Saving Rate | 3.0% | 4.5% | 4.9% | 8.4% | 31.8% (Apr 2020) | 1.4% (Jul 2005) | 1959 |
| Consumer Spending (YoY) | 5.9% | 5.3% | 7.4% | 6.6% | 30.0% (Apr 2021) | -14.3% (Apr 2020) | 1960 |
| Consumer Credit | $5,186.20T | $5,055.91T | $4,906.97T | $1,261.99T | $5,186.20T (Jul 2026) | $5.35T (Feb 1944) | 1943 |
| Consumer Credit (YoY) | 2.6% | 0.2% | 4.1% | 8.8% | 51.2% (Nov 1946) | -17.9% (Jan 1944) | 1944 |
What the saving rate tells you
The personal saving rate, published by the Bureau of Economic Analysis, is the share of after-tax (“disposable”) income that households do not spend. It is calculated as a residual — income minus outlays — so it is sensitive to revisions in either. The rate spiked to record highs in 2020 as stimulus payments arrived while spending opportunities were limited, then fell well below its pre-pandemic level as households spent down those savings. A low saving rate leaves households with less cushion if incomes weaken.
What counts as consumer credit
The Federal Reserve’s G.19 release measures credit extended to individuals, excluding loans secured by real estate such as mortgages and home equity lines. It has two parts: revolving credit, which is mostly credit-card balances, and nonrevolving credit, which includes auto loans and student loans. Growth in consumer credit faster than income growth can support spending in the short run but raises debt burdens over time.
Personal consumption expenditures
PCE is BEA’s comprehensive measure of household spending on goods and services, and it is the consumption component used in GDP. The figure is reported at a seasonally adjusted annual rate in current dollars; the chart shows its year-over-year growth, which includes both price increases and real volume growth. The related PCE price index is covered on the PCE inflation page.
Frequently asked questions
What is a normal personal saving rate?
From the late 1990s through 2019 the U.S. personal saving rate mostly ranged between about 3% and 9%. It was much higher, often above 10%, in the 1960s through the early 1980s.
Does consumer credit include mortgages?
No. The Federal Reserve’s consumer credit series excludes loans secured by real estate. It covers credit cards and other revolving credit plus auto, student and other nonrevolving loans.
Related data
Data are retrieved automatically from the original statistical agencies (via the Federal Reserve Bank of St. Louis FRED database) and may be revised by the source. Year-over-year changes are calculated by econHQ. See About & methodology for details.