Americans Pull Back Spending as Post-Pandemic Finances Settle
• Americans' bank balances leveled off over past year as spending adjusted for inflation and post-pandemic realities • Accounts had 5-15% more cash than 2019, except wealthiest Americans who have less in bank • Spending slowing across range of expenses; monthly growth dropped from 0.7% to 0.2% • Personal savings rate fluctuated wildly, now settled around 4% - less than pre-pandemic but more than 2022 peak inflation • Business owners observe pullback in spending as people recalibrate habits post-pandemic savings drawdowns