On the whole, the practice of saving money saw a drop during August, and more people found themselves unemployed in September.
The Bureau of Labor Statistics (BLS) reported that the unemployment rate increased to 9.8 percent during September, which marks a 0.1 percentage-point increase over August. A total of 263,000 jobs were lost in the month.
“In September, notable job losses occurred in construction, manufacturing, government, and retail trade,” a prepared statement for Congress from BLS Commissioner Keith Hall said.
According to the U.S. Bureau of Economic Analysis, the personal savings rate declined from $436.0 billion in July to $324.1 billion in August. As a percentage of disposable income, savings dropped to 3 percent in August after being at 4 percent the month prior.
Though saving money may have dropped, the overall amount of personal finances increased. Personal income climbed by 0.2 percent, or $19.8 billion, during August. Disposable income also increased by $15.5 billion, or 0.1 percent.
However, real disposable income fell by 0.2 percent. Real disposable income takes into account changes in prices over time.