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 ...
I need a little lumber for an idea that I got from someone else.
Essentially, a rolling cradle for things like K5’s shell or jeep body tubs.
People naturally save money when they cannot go out to eat and/or perform leisurely activities because an oppressive government is restricting them from doing so.
Yes. And they have barely eaten out, and are using very little gasoline. Many got refunds from their car insurance providers. Not to mention, no going out to the theater or sporting events, no vacations or trips of any kind.
Since we cannot change the Fed (which we don’t even need) the only thing to do as an investor is peg your holdings to those which will react most favorably to what you think the Fed will do.
Then cross your fingers.
It’s great for individuals but horrible for companies and overall economy. I have huge expenses coming up in the next 5 years. House is being painted on the 16th of September for 3600.00. AC/Heater combo needs repacked in less then 2 years at 7 grand and the biggest expense of them all. A new roof in 5 years for 17 grand! So this has been a great time for me financially but it has been rather boring. lol.
That’s a good thing.
15% or more?
Groupon.
Always keep enough savings to pay two-three months bills, and keep an emergency savings account for desperate expenses.
If the job market is volatile then plan for the worst.
The article didn't say it was a problem.
I bought three yearling goats, goat supplies and some items to finish up the fence with my $1200 stimulus check. Meat’s meat and we gotta eat. Was planning on getting them either in the fall or next spring but when I saw the meat dept stripped bare ...
Long term plan is meat and a bit of profit for retirement money. No room for cattle on our little place. Plan to get some pigs too. A small, homestead type breed, Kunekune. Funny because I got Kiko doe goats, also a New Zealand breed and did a high tensile electric fence, a New Zealand design.
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.
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I’ve been to one, Bob Even’s, 6:30 P.M. on a Friday. My daughter and I were the only customers in the place.
.
Common Sense when its been finally proven to you your safe little world isn’t normal any longer.
Its called CONSERVATISM
.
Funny that these national “experts “ did not see that little observation, isn’t it?
Judging by the parking lots of many of them, most of them are maybe 15 to 25% full at peak times. I have ordered a to go meal from one of them on a Friday night and they were maybe 10 to 15 cars in the parking lot, when pre-Covid you would normally have To wait 20 minutes for a table at that same time.
Yup. Saving for the coming civil war and associated disruptions(leftist radicals go wild) after Trump wins in a landslide. '
To most people savings can mean money in CDs, money in investments, money in your money market, money in your 401k or money in savings bonds.
Unfortunately that is not what they mean by "savings". Their definition of savings is simply "money not spent". If you have $100 left over after expenses and you take that $100 and buy a savings bond, you are not saving in their eyes. On the other hand if you take that same money, stick five dollars in a drawer and use the rest to pay a minimum payment on your credit card that you used to buy that big screen with, you are a saver.
I know, it makes no sense to anyone who has two brain cells but this is the government we are talking about.
Saving up for something is also not "saving" in the view point of the commerce department because the money ends up being spent. From their view point it is better to rent to own even though you may end up spending even more for something then to save up and spend less all at one time.
I don't make up the rules. I just explain them.
oh we are being serious.
thoughts on this
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