Pandemic Savings Dwindling but Consumers Supported by Jobs, Wages
- Americans accumulated trillions in savings during the pandemic due to government aid and lower spending
- Those savings helped sustain consumer spending as pandemic restrictions eased
- Estimates vary wildly, but excess pandemic savings are dwindling
- Higher wages have allowed consumers to keep pace even as savings decline
- Strong job growth and pay gains suggest a "soft landing" for the economy is likely