Much has been made of the growing bubbles in student loan debt and subprime auto loans but one area of interest that has been largely overlooked is the growing savings rate of Americans. In the latest readings of income and spending, it was revealed that the US savings rate has climbed from 5.20% to 5.60% in the most recent reporting period. This comes as personal consumption expenditure fell to the lowest level since February of 2014 even as income levels rose. Personal income figures also released yesterday showed wages broadly growing by 0.40% last month versus expectations of a 0.30% gain. The drop in consumer spending is likely to dent growing woes for American corporations, just as sell-side institutions start to publish reports stating that equities are overvalued. Stock benchmarks were unfazed with the Nasdaq Composite leading peers, gaining 0.25% in yesterday’s session.