Rising Savings During the Pandemic
December 26th, 2020
The U.S. has been traditionally known as a relatively low saving country, compared to countries like Japan.
The U.S. personal saving rate had seldom gone into the double digits since the early 1990s (Source: the Federal Reserve Bank of St. Louis). In response to the coronavirus pandemic, people inevitably try to save more.
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Rising Savings During the Pandemic
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We observe that the U.S. savings are rising in an unprecedented manner: the U.S. personal savings rate (personal saving as a percentage of disposable personal income) hit a historic 33% in April 2020.
What are the impacts of rising savings on the U.S. pandemic-hit economy? For more information check: https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic
