As fear of a double dip recession continues to hang over the heads of the American middle class, the middle class savings tumbled to an eight-month low, according to a report by First Command released on Wednesday.

The First Command Financial Behaviors Index reveals that consumers saved an average of $1,059 in short- and long-term savings in June, a decline from the year-to-date high of $1,469 in January. It was the lowest monthly savings rate since October 2009, when short- and long-term savings averaged $957.

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