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Inflation Has Depleted Pandemic-Era Savings for Many Americans
Inflation has sapped 40% of Americans of their pandemic savings, making consumer spending even more reliant on the job market. Generous government stimulus payments and lock-downs that kept people at home led to “windfall” savings, Stephen Stanley, chief US economist at Santander US Capital Markets, said in a research note Monday. How much of it remains has been a moving target, with economists upping their estimate of pandemic-era savings last month after earlier saying it was nearly gone. By Santander’s count, much of it still remains at least in nominal terms. Bank deposits and money market balances are up ... (full story)