What We’re Showing
This graphic shows pandemic-era cumulative excess savings, based on data from the Federal Reserve Bank of San Francisco.
These represent the stock of actual savings in the U.S. economy compared to pre-pandemic trends.
Key Takeaways
- In March 2024, pandemic-era excess savings became fully exhausted, and savings have continued to decline below pre-pandemic trends.
- While these excess savings hit $2.1 trillion in August 2021, they have since fallen to -$291.3 billion below levels expected if the pandemic had never happened.
- For perspective, the U.S. personal savings rate stood at 4.4% in October 2024, below the historical average of 8.9% since 1959.
- However, personal savings have gradually trended downward over the last seven decades.
