Americans Savings are Less than Pre-Pandemic Levels

Your Personal Bank

The long term savings rate for Americans is about 4% of annual income. Americans accumulated $2.3 Trillion of excess savings in August 2021 primarily due to government pandemic stimulus. This excess savings has allowed consumer spending to remain strong for the past 3 years. Consumer spending accounts for about two-thirds of Gross Domestic Product (GDP). Consumer spending has been the lone bright spot in the economy and likely has prevented a recession so far. Consumer spending is weakening. Americans' savings are now below pre-pandemic levels. Credit card debt is at record highs. Many Americans are using savings and debt to pay for basic expenses. The American consumer is struggling. This is likely the last straw that will lead to recession.

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