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Americans Exhaust $3 Trillion in Pandemic Savings as Spending Outpaces Income Growth
Americans Exhaust $3 Trillion in Pandemic Savings as Spending Outpaces Income Growth
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U.S. households have depleted nearly $3 trillion in excess savings accumulated during the pandemic, according to recent economic data. The financial cushion—primarily built from stimulus checks and reduced spending during lockdowns—has now turned negative, reaching -$900 billion by Q2 2024.
The personal savings rate continues its downward trajectory, falling to 3.9% in March 2025—a stark contrast to the 5-6% pre-pandemic baseline. This erosion coincides with sustained consumer spending growth (+0.7% MoM in March) as buyers accelerate major purchases like vehicles to preempt tariff-driven price increases.
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