Americans’ average personal savings rate fell to its lowest monthly level in more than two years in July, the U.S. Bureau of Economic Analysis (BEA) reported Friday.

At 2.9%, the personal savings rate for July was down from June’s 3.1% rate. It was also the lowest savings rate since June of 2022 (2.7%).

Since April of 2008, when it was 2.4%, the monthly savings rate has been less than 3.0% only these two times, both under the Biden Administration. Under the previous administration, the personal savings rate more than doubled, from 5.6% to 12.8%.

Meanwhile, the BEA reported that it revised U.S. personal disposable income (DPI) growth from May to June down from 0.2% to 0.1%.

In July, U.S. disposable personal income (personal income less personal current taxes) increased $54.8 billion (0.3%). But, personal outlays (the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments) increased nearly twice that much: $103.3 billion (0.5).

Consumer spending increased $103.8 billion (0.5%) in July, reflecting increases of $59.3 billion in spending for services and $44.5 billion in spending for goods. Within services, the largest contributor to the increase was housing and utilities (led by housing). Within goods, the largest contributors to the increase were motor vehicles and parts, as well as food and beverages.