U.S. household savings rose and fell at unprecedented rates following the onset of the pandemic recession. Updated estimates on our data page suggest that these excess savings have been fully spent. However, consumer spending shows no signs of losing steam, raising questions about its future path.
Our SF Fed Blog by Hamza Abdelrahman and Luiz Oliveira discusses pandemic-era excess savings and what’s next for U.S. consumers.
The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.