Households Boosted Spending in April but Drew Heavily on Savings

Wall Street Journal, May 27, 2022–Gabriel T. Rubin (subscription)
U.S. households boosted spending for a fourth straight month in April, but the savings rate fell to the lowest in 14 years, suggesting many Americans are tapping savings to offset cost increases from inflation.
https://www.wsj.com/articles/consumer-spending-personal-income-april-2022-11653597309?mod=hp_lead_pos1