Americans' pandemic-era excess savings, which reached $2.1 trillion in 2021, have been fully depleted as of March 2024, according to the Federal Reserve Bank of San Francisco. The depletion of these savings is contributing to a loss of consumer spending power, which is rippling through the economy. As a result, US household debt has reached record levels, and more Americans are falling behind on their credit card payments. The savings rate remains depressed, about half of what it was before the pandemic, as the effects of government stimulus checks have worn off and wage growth has not kept up with inflation. US consumers have exhausted $67.6 billion of savings per month since August 2021.
Americans are saving far less than normal in 2023. Here's why https://t.co/n5d0hpLyxl
The savings rate remains depressed - it's about half of what it was before the pandemic now that the sugar high of gov't "stimulus" checks have worn off and wage growth hasn't kept up w/ inflation: https://t.co/OPqIV4evZ6
The savings rate remains depressed - it's about half of what it was before the pandemic now that the sugar high of gov't "stimulus" checks have worn off: https://t.co/gpZmfrxNK4
US consumers have exhausted their savings: $2.3 trillion of accumulated savings have been depleted by Americans since August 2021. In other words, $67.6 billion of savings has been spent by US consumers PER MONTH. As savings have declined, consumer credit card debt has spiked… https://t.co/R3D1LSq3bL
“Consumers might be continuing to spend, but it’s taking a toll." Americans’ pandemic-era excess savings ran dry months ago, now the economy is feeling the effects https://t.co/rmk1yunwjh via @economics @TheAmaraReport @LouKCurtis @readep @KateDavidson
"Excess Savings Are Gone and the US Economy Is Bracing for Impact" 😱😱 This is all the scarier as excess savings were already gone in the summer of 2023 and in the summer of 2022 🤡🤡 I wonder how the SF Fed explains the extra $3 trillion in money market funds and $1.5… https://t.co/vlsI48h68t
"Excess savings have been fully depleted as of March, according to the Federal Reserve Bank of San Francisco." @LouKCurtis https://t.co/HqZhbybXhw
As we hear (again) that excess savings have been depleted, please keep in mind that we've repeatedly been told excess savings have been depleted. Its been years now and consumers seem no less phased today than when we first heard about it two years ago. https://t.co/9P2i4ekqwW https://t.co/O1SZdNP81w
🇺🇸 Americans’ Pandemic Savings Are Gone — And the Economy Is Bracing for Impact - Bloomberg https://t.co/rs7mJ7uOY6 https://t.co/GMYsjCxM2N
There's more to the story than 'excess savings are gone' 🤔 https://t.co/2ziRol0ggx
More signs the consumer is tapped out… Excess savings that Americans built up during Covid are now depleted. Credit card delinquencies are also now climbing sharply. https://t.co/YzMuYQYa3y
$2 trillion in excess savings Americans accumulated during the COVID-19 pandemic is gone & the US economy is bracing for impact US household debt has reached record levels and more Americans are falling behind on their credit card payments, according to data from the New York… https://t.co/C1G6gon8xb https://t.co/U82FzcKynC
'The pandemic savings cushions that helped Americans weather high prices in recent years have worn through, contributing to a loss of consumer firepower that's rippling through the economy.' https://t.co/Bbskkcr8EO https://t.co/uMmYOocZsI
every couple months, we get a new report on how "excess" savings have been depleted. to be fair, any one of these estimates might be accurate because excess savings is kind of a weird concept to estimate. what matters is household balance sheets overall remain pretty strong and… https://t.co/lxfV2VkGJS
American excess savings reached $2.1 trillion in 2021, but they ran dry months ago. https://t.co/nOM9Aqrihh https://t.co/M6247wGgZx
Americans’ Pandemic Savings Are Gone — And the Economy Is Bracing for Impact - BBG https://t.co/wZxHr0OZqc
Americans’ Pandemic Savings Are Gone — And the Economy Is Bracing for Impact https://t.co/ngO5w8js3z
“Consumers might be continuing to spend, but it’s taking a toll." Americans’ pandemic-era excess savings ran dry months ago, now the economy is feeling the effects https://t.co/mENhIPzG4Q