[US Personal Savings Rate Falls 0.2 Percentage Point to 4.2% in September, Lowest Level Since October 2022] According to a report by Jinse Finance on November 1st, citing The Kobeissi Letter, the US personal savings rate fell 0.2 percentage points to 4.2% in September, the lowest level since October 2022. Since January 2024, the US personal savings rate has cumulatively declined by 3.4 percentage points. Currently, the personal savings rate is far below the pre-pandemic five-year average of 6.2%. Meanwhile, US personal income grew by 4.1% year-on-year in September, the second lowest growth rate since April 2022. During the same period, personal consumption expenditure (PCE) grew by 6.3% year-on-year, the second highest year-on-year increase since December 2024. In other words, consumer spending growth continues to outpace income growth, further squeezing household savings and increasing households' reliance on borrowing. Persistently high inflation and historically high prices are further eroding consumer savings.