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) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.