Posted on 08/25/2020 11:46:57 AM PDT by RomanSoldier19
With the trajectory of the U.S. economy uncertain, Americans saved a record portion of their monthly income in April.
The savings rate for that month hit an all-time high of 33.5 percent, according to USA Today, citing Commerce Department data. In the months after, that rate fell, but the June rate of 19.5 percent remained nearly triple the normal rate. The average monthly rate of savings was 7.5 percent of income before the pandemic began.
“We’ve never had this much savings,” Tom Porcelli, chief economist of RBC Capital Markets, told the newspaper. “It’s uncharted territory.”
An analysis by Moody’s Analytics indicated that from March through June, American households saved an additional $916 billion compared to pre-pandemic levels. While June is the latest month with available figures, the number will almost certainly surpass $1 trillion once July is added, according to USA Today.
(Excerpt) Read more at thehill.com ...
Saving is bad unless you aren’t doing it.
Then it’s good.
https://www.thebalance.com/consumer-spending-definition-and-determinants-3305917 Consumer spending is what households buy to fulfill everyday needs. This private consumption includes both goods and services.1 Every one of us is a consumer. The things we buy every day create the demand that keeps companies profitable and hiring new workers.2 Almost two-thirds of consumer spending is on services, like real estate and health care. Other services include financial services, such as banking, investments, and insurance. Cable and internet services also count, and even services from non-profits.
“Yeah. Orderly, monocultural, Islam-excluding. Awful.”
I get you but I don’t think the Fed thinks along those lines.
DEFUND socialist/totalitarian collectives/corporations foreign and domestic...unless they take payment in the crap on the bottom of your shoes. Even then, it might not be worth it. Use it and them for fertilizer as necessary.
I know. “Deflationary, low-growth, central bank supported economy and purchase of dodgy loans, etc.”
And both dining out and shopping in summer heat and humidity while swaddled in a face diaper are miserable experiences.
It takes a pandemic to get people to save. They are not at work all day, “measuring” themselves against coworkers.
Yep.
In my area, restaurants are open, however you have to jump thru so many hoops to eat and be treated like Typhoid Mary by staff, I have only gone out to a sit-down twice since early May.
Everything we do is a problem. How would the MSM survive if they couldn’t report problems?
Not if you are a landlord and the rent isn’t getting paid. The landlord can’t evict.
The tenants get rich from it though.
My mad Covid money is going into brokerage accounts. I suspect that is true for many given the DOW and S&P highs.
“I’ll bet this is skewed towards Whites, so it’s more systemic racism which may prompt more destruction of personal property and other crime.”
There’s reparations in them thar accounts!
“I’m spending a ton in prepping for the future...”
Same here, using my savings for building a hydroponic system and water purification.
“many hoops to eat and be treated like Typhoid Mary by staff,”
Before the virus, a lot of the staff look like a Typhoid Mary with dirty clothes and unclean hair. We stop eating at a lot of places because of the staff before the Virus.
Hollywood hit the hardest!
Yes, it has gone up. I am building right now, and prices are insane. During the early part of the plandemic, it was hard to find 2x4s and sheet rock at Lowe’s. It’s calmed down now, though.
It's fine for society.
That saved money doesn't just sit in a drawer or under a mattress. It's invested somewhere making it available for someone else to spend it.
Bingo. I have family staying at my home, from out of state. All the favorite outdoor activity is shut down due to Covid-19 rules. Usually we would be hitting all their favorite restaurants, stores and entertainment venues. So this week it has been outings to parks and the beach. Because of social distancing fears, they drove instead of flying, brought a tent and camped overnight with the kids instead of staying at motels during the drive here from back east. Cheapest vacation in years for the relatives.
Same here. Soon, we will see these as “the good old days” when stuff was widely available.
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