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  • Americans are saving at twice the normal rate amid pandemic: report

    08/25/2020 11:46:57 AM PDT · by RomanSoldier19 · 62 replies
    https://thehill.com ^ | - 08/10/20 03:14 PM EDT | BY ZACK BUDRYK
    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...