as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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summarize the current state of the economy.
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recent data shows that despite record unemployment in the us, americans are saving more money than ever. personal savings rate hit 33%, the highest rate since the financial crisis in 2008, indicating that people are cautiously putting their money away for the future. consumer spending is also declining, though at a slower rate than expected. as the unemployment rate reaches its highest levels of the last 50 years, it appears that households are preparing for an uncertain financial future.
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