Visual Capitalist December 11, 2024
Pandemic savings ran dry months ago, but that hasn’t deterred U.S. consumers from closing their wallets.
While pandemic excess savings hit a peak of $2.1 trillion in August 2021, they have since declined $291.3 billion below levels expected if the pandemic had never happened. This has led personal savings rates to drop to 4.4%, notably lower than the 8.9% historical average, at a time of inflationary pressures and high interest rates.
This graphic shows pandemic-era cumulative excess savings, based on data from the Federal Reserve Bank of San Francisco.
Pandemic-Era Savings Are Now Fully Depleted
In March 2024, pandemic-era savings dried up yet spending continues to march on.
This high rate of spending, coupled with rising wages, have bolstered the...
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