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.
Weve never had this much savings, Tom Porcelli, chief economist of RBC Capital Markets, told the newspaper. Its uncharted territory.
An analysis by Moodys 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 ...
That is what is keeping inflation under control. This will lead to heavy investment.
As am I. Good thinking.
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