Pandemic-Era Savings Ran Dry Months Ago 📉

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.