Posted 10/30/2023, 4:36:00 PM
Pandemic Savings Dwindle as Consumers Tap Savings to Maintain Spending Amid High Inflation
- Excess savings from pandemic peaked at $2.1 trillion in August 2021, helped by stimulus checks
- Those savings have been drawn down and were estimated at just $148 billion last month
- Consumers have relied on savings to maintain spending amid high inflation
- Strong labor market has also helped support consumer spending
- JPMorgan warns high rates will weigh on consumers as excess savings fully depleted