Americans are increasing their savings as the economy continues to decline, according to the latest government report.
The rate, as a percentage of after-tax incomes, was up to 2.9 percent in the fourth quarter of 2008. The rate was at 1.2 percent in the third quarter, the U.S. Commerce Department said on Friday.
The department also said economic activity as measured by the gross domestic product, fell 3.8 percent in the fourth quarter. It was the biggest fall since 1982.