(CNN) – Americans are earning more and spending less, according to new data from the U.S. Bureau of Economic Analysis.
Personal income rose by 0.4 percent in May, and disposable income is up nearly 2 percent from a year ago.
Instead of spending the extra cash, most are choosing to stash it.
As of May, Americans were saving about 4.8 percent 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.
The few exceptions include spending on housing, gasoline and cars, which are rising.
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