It's not that there's something left after saving and spending; it's that there are different types of spending. PSR is a useful starting point, but not a compl

It's not that there's something left after saving and spending; it's that there are different types of spending. PSR is a useful starting point, but not a complete story, in assessing consumer health and markets. For instance, it is not incongruous right now to say that a) people are saving proportionately less, and b) people are not buying as much stuff. Obviously they are spending in direct proportion to what they're not saving -- but the categories of their spending matter a great deal. Tl;dr is I'm not disagreeing with you at all; I'm just expanding.