Savings ratio declines
The National Accounts for the first yesterday showed that low interest rates are forcing households to change their habits.
Cash in the bank is generating such a miserable yield.
Slowly but surely individuals are finding new ways to deploy their cash, into shares, real estate and elsewhere.
In fact, the latest data suggests that the decline in savings may not even be that slow.
The households savings ratio declined to its lowest level since the third quarter of 2008.
The drop off since March 2013 has been marked, with the ratio declining by close to a quarter.
In short, this points to rising asset values.
Some wicked data out later today - the Retail Trade report, and, my fave release, International Trade.