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Old 08-30-2012, 04:02 PM   #1
Jay
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Personal saving rate

the last two months, the .gov has said that every man, women and child has SAVED about four thousand dollars each month. It continues, from Urban survival:
Personal Consumption and Laughter

Nothing like a Thursday morning ahead of a long holiday weekend with a little humor, mirth, and levity to set up the fun ahead this weekend, But rather than look for it in either of the political party charades, we'll instead get right into hard-core humor this morning with the latest press release from the government's Bureau of Economic Analysis which puts out the personal income and expenditure report which just crossed the wire in the past few minutes...



Personal income increased $42.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $39.9 billion, or 0.3 percent, in July, according to the Bureau of Economic Analysis.



Personal consumption expenditures (PCE) increased $46.0 billion, or 0.4 percent. In June, personal income increased $46.1 billion, or 0.3 percent, DPI increased $37.4 billion, or 0.3 percent, and PCE increased $3.5 billion, or less than 0.1 percent, based on revised estimates. Real disposable income increased 0.3 percent in July, compared with an increase of 0.2 percent in June. Real PCE increased 0.4 percent, in contrast to a decrease of 0.1 percent.



But wait! There's more...like the really juicy stuff about personal savings...



Personal saving -- DPI less personal outlays -- was $506.3 billion in July, compared with $516.2 billion in June. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.2 percent in July, compared with 4.3 percent in June.



(blah...blah...blah...)



Normally, somewhere in here I would point out the ludicrous claims of personal savings, but if you have a calculator and know that the working portion of the US population may be found in any recent BLS Unemployment Report (the latest is here) you will be able to amuse yourself at least until the first coffee break this morning.

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Old 08-30-2012, 04:46 PM   #2
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The median HOUSEHOLD income (pre tax) is $46,326 as of 2010.
http://www.fedupusa.org/2010/01/how-...ncome-numbers/

The average household size in the U.S as of 2010 was 2.59 people.
http://www.census.gov/newsroom/relea.../cb10-174.html

If every person in the house saves $4000 a month, the average household would save the following amount per year:
2.59 * 4000 * 12 = $124,320

Amazingly, despite the median pre tax income of 49 thousand (average is around 60k), the average household saved at a rate of almost 125 thousand a year?!

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Old 08-30-2012, 07:27 PM   #3
Jay
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thats what the .gov wants us to believe. I'll find a link for you.

OK, I emailed George Ure to get his source. (I'll post what he replies). In the meanwhile, here's the report he's quoting in his article today:
snip:
Personal saving -- DPI less personal outlays -- was $506.3 billion in July, compared with $516.2 billion in
June. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.2
percent in July, compared with 4.3 percent in June. For a comparison of personal saving in BEA’s national
income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and
data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.

linky:
US Department of Commerce Bureau of Economic Analysis
http://www.bea.gov/newsreleases/nati...ewsrelease.htm

Last edited by Jay; 08-30-2012 at 07:47 PM.
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