Less-than-zero-savings? Don't believe it

The surge in money due to equity extraction from owner-occupied dwellings is found as the most important reason for economic growth in the US. The Federal Reserve Board issued a working paper, which estimates gross equity extraction from homes on a quarterly basis from the year 1990 to 2005. As per the comprehensive consumer expenditure survey results published by the US Labor Department's Bureau of Labor Statistics, the personal saving rate increased from 3 % in the year 2000 to 12 % in 2003. The Federal Reserve Board states that the consumers will keep buying other goods and services at the same rate even when energy prices rise.