US pandemic savings depleted by Q1 2023, says Fed research

Other advanced economies should expect pandemic-era savings to deplete within the year

Printing money

US households’ savings from the Covid-19 pandemic were depleted in the first quarter of 2023, according to research published by the Federal Reserve Board.

“While accumulated excess savings during Covid-19 were unprecedented in size, they have been unwound in the US, declined in the advanced foreign economies and slowed in the emerging market economies,” write Francois de Soyres, Dylan Moore and Julio Ortiz.

“Other advanced economies still hold a buffer of excess savings of about 3–5% of GDP,”

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