Dramatic Decline in US Personal Savings Rate

The Economy

• The US household savings rate revised sharply lower.
  
• Canadian GDP unexpectedly higher in July.
  
• The UK economy expands modestly in Q2.
  
• Consumer confidence crumbles across the eurozone.
  
• The Japanese industrial production rebounds.
  
• Australian retail sales improve.

Spotlight On Next Week

• US employment growth to moderate but remain robust.
  
• Canadian unemployment rate may rise again.
  
• The RBA set to hike another 50 bp.