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Spending intentions bounce higher as Americans respond to easing inflation. Savings levels, meanwhile, remain a concern
· While still lower in year-over-year terms, total consumer spending intentions—that is, the amount consumers expect to spend in the month ahead—rebounded slightly over the past month, slowing a downward trend (figure 1).
· Inflation concerns, while still elevated, eased slightly in recent months (figure 2). The percentage of Americans concerned about rising prices for everyday purchases fell to 75% in November, down from a high of 84% in May.
· Most Americans, however, expect prices to continue rising across major purchase categories (figure 3).
· The percentage of Americans concerned about their level of savings and delaying large purchases has shown a clear downtrend since June, when inflation peaked at 9.1% (figure 4). However, nearly half (47%) of Americans remain concerned about their level of savings—coinciding with the lowest personal savings rate (2.3%) of the last 17 years (figure 8).
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