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Savings decline amid slow wage growth despite record employment

The U.S. personal saving rate fell year-over-year for the second consecutive quarter to 6.2% on Sept. 30 from 6.7% on June 30. Over that period, the median weekly average earnings rose 0.57% year-over-year after three straight quarters of declines. The data, provided by the Federal Reserve, comes as the national unemployment rate sinks to historic lows. Fed data also show employee contributions to defined contribution plans was $195 billion in 2017; while this was $50 billion above what was contributed in 2012, the annual growth has been in decline since 2011.