Inflation zaps U.S. savings rate, warning sign for consumer spending: report

NEW YORK, May 31 (Xinhua) -- The personal savings rate, as a percentage of disposable income, fell to 4.4 percent in April, the lowest level since 2008 in the United States, according to the Commerce Department.

"For some, the decline is a red flag for consumer spending, which accounts for 70 percent of gross domestic product (GDP)," said Fox Business in its report about the decrease.