Congratulations, Consumers, You're Saving More Of Your Money!

The WSJ says that the savings rate grew and consumption was flat in April. Consumers are also more optimistic about the state of the economy, the paper said.

The slowly improving job market, which added 290,000 positions to payrolls last month, helped boost personal income 0.4% in April from the prior month. Income also grew 0.4% in March, while the saving rate rose to 3.6% in April from 3.1% in March.

The Fed is keeping interest rates at near zero, which is keeping prices flat and allowing consumers to save more, the article says.

Consumers Save More, Hold Spending Steady [WSJ]