One of the big mysteries over the past few years was how Americans managed to spend gobs of cash and prop up the economy even as their savings rate sank to a 10-year low. Well, mystery solved.

Turns out Americans didn’t exhaust their savings to buy a new car or fridge or iPhone or whatnot. Newly updated government figures basically show the plunge in savings was a mirage.

In other words, it never happened.

Every five years the government updates and refines figures for gross domestic product, the official yardstick for the economy, going all the way back to 1929. Once in a while these changes can paint a very different picture of what happened in the economic life of the nation.

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So it was with savings. Americans actually saved a lot more money in the past few years than the official statistics originally revealed.

Previously it appeared the savings rate tumbled from 6.1% in 2015 to 3.4% in 2017, the lowest rate in a decade.

The government now says the savings rate was actually twice as high in 2017 at 6.7%. Americans were able to save more because incomes also rose faster — an average of 3.5% annually over the past five years instead 3.1% as previously reported.

Oops.

In any case, higher incomes and savings partly explain why households were able to ramp up spending from 2014 on — and why the economy can keep on growing.

Strong consumer spending has powered the economy to fresh heights and the U.S. might even top 3% growth in 2018 for the first time in 13 years. Barring a full-blown trade war, of course.

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The news that Americans saved more may not be all peaches and cream, however.

The main reason the government raised the savings rate was because profits for partnerships, individual-owned companies and other small businesses were much higher than originally estimated. Profits not spent by these firms are considered savings.

What that suggests is the savings rate was highest among the well-off. Less prosperous Americans probably did save less.

Aside from big changes in the savings rate, GDP figures over the past five were mostly the same. The U.S. economy’s growth averaged 2.2% a year from 2012 to 2017, unchanged from prior estimates. And inflation followed the largely the same course as previously reported.