Higher Savings Rate

From a recent research article published by Vanguard:
The U.S. personal savings rate has taken an
about-turn, rising to 6.9% in May 2009, a level
not seen since 1993. Prior to last year, many
households had come to rely on asset growth
as a partial substitute for saving, based on
continued gains in the worth of their homes
and investment portfolios. But as the values of
both these assets dropped significantly during
the recent economic downturn, consumers
changed course, decreasing their spending
and boosting their savings.
The article goes on to describe how this about face in the savings rate has a negative affect on GDP growth in the short term.