BREAKING: The US personal savings rate fell -0.2 percentage points in September, to 4.2%, its lowest level since October 2022. Since January 2024, this metric has declined -3.4 percentage points. The personal savings rate is now well below the 5-year pre-pandemic average of 6.2%. This comes as personal income grew +4.1% YoY in September, its 2nd-lowest growth rate since April 2022. At the same time, personal consumption expenditures rose +6.3% YoY, the 2nd-highest YoY growth since December 2024. In other words, consumer spending continues to outpace income growth, putting further pressure on household savings and increasing household reliance on borrowing. Elevated inflation and record prices are putting further pressure on consumer savings.