Rising Savings During the Pandemic

The U.S. has been traditionally known as a relatively low saving country, compared to countries like Japan. The U.S. personal saving rate had seldom gone into the double digits since the early 1990s (Source: the Federal Reserve Bank of St. Louis). In response to the coronavirus pandemic, people inevitably try to save more.

 

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We observe that the U.S. savings are rising in an unprecedented manner: the U.S. personal savings rate (personal saving as a percentage of disposable personal income) hit a historic 33% in April 2020.  What are the impacts of rising savings on the U.S. pandemic-hit economy? For more information on Rising Savings During the Pandemic check: https://en.wikipedia.org/wiki/Economic_impact_of_the_COVID-19_pandemic

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