Americans are Earning More and Spending Less

 According to new data from the US Bureau of Economic Analysis, Americans are earning more and spending less.

Personal income rose by 0.4% in May, and disposable income is up nearly 2% from a year ago.

But instead of spending their extra cash, most are choosing to save it.

As of may, Americans were saving about 4.8% of their monthly income.

Consumers cut back on eating out, going to the movies, and buying clothes, they also spent less on necessities like groceries and utilities.