Consumers find thrift, but lose fast recovery

Personal savings rate soars to 6%

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“Declines in grocery-store purchases are rare outside of recessions and are a sign of financial stress,” he said. “Consumers are buying more store brands, trading down to less-expensive proteins and buying more groceries at discount stores and membership clubs.”

As a result, he said, he expects economic growth to be “exceptionally weak” this summer, and to average no more than 2 percent for the rest of the year.

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