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Americans are saving at twice the normal rate amid pandemic: report
https://thehill.com ^ | - 08/10/20 03:14 PM EDT | BY ZACK BUDRYK

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 ...


TOPICS: News/Current Events
KEYWORDS: collapse; cw2; fnance; incometaxes; rbccapitalmarkets; save; savings; taxcutsandjobsact; taxreform; tcja; tomporcelli
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To: RomanSoldier19

That is what is keeping inflation under control. This will lead to heavy investment.


61 posted on 08/25/2020 6:24:09 PM PDT by fortheDeclaration
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To: fortheDeclaration

62 posted on 08/25/2020 6:51:01 PM PDT by RomanSoldier19 (Game over, man! Game over! ; : rem ad triarios redisse is)
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To: blam

As am I. Good thinking.


63 posted on 08/26/2020 7:43:38 AM PDT by backwoods-engineer (But what do I know? I'm just a backwoods engineer.)
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