Consumers Discover Frugality (Updated)

(Update includes additional stock prices.)

Those darn shoppers, after years of living beyond their means, finally discovering ... frugality?

And while we're all in favor of individual fiscal responsibility, there's no denying that more money in consumers' bank accounts means less money in retailers' cash registers.

New numbers released today showed that households grew their savings rate for the month of May to 6.9%, to the highest level in 15 years, while spending only rose a modest .3%. The savings rate was 5.6% in April, and nearly zero in early 2008. ...