However, there may be some signs in the economy that some people feel ready to spend money. According to the U.S. Department of Commerce, retail sales for October were up 1.4 percent, which is better than some analysts predicted.
Sales of autos, which were up 7.4 percent, drove the increase in retail sales. Without auto sales, retail sales would have been up by only 0.2 percent during the month.
Though retail sales were up in October, revised figures show a greater decline the month before than was previously reported. Retail sales in September were actually down 2.3 percent, rather than the 1.5 percent that was first posted.
Given that retail sales were up for October, it may follow that saving money may not have been as important for some people. In September, the personal savings rate increased to 3.3 percent of disposable income, or $355.6 billion.