(NBC) Millennials the selfie obsessed avocado toast-loving generation might be behind slower economic growth according to a research note last week from Raymond James. This new generation scarred by the financial crisis is saving more than the free-spending boomers did before them and its causing an economic imbalance. According to data from the St. Louis Federal Reserve the current U.S. personal savings rate defined as income minus spending is 8.1 as of August. By comparison in 1996 the rate was 5.7. The higher savings rate we believe has had disinflationary impact driving the relatively slow growth and low inflation in this recovery ... causing the incentives for excess supply and disinflation/deflation biases in the global economy" Raymond James analyst Tavis McCourt wrote in a note to clients Thursday.