US Economy: Americans Saved Up An Extra $1.3 Trillion
The latest revised Bureau of Economic Analysis data calculated that the average American household excess savings is higher than previously thought. Americans have now saved up their excess cash much more in the banks than before the pandemic in 2020. The findings estimate that the US economy saw a boost in excessive savings of up to $1.3 trillion in 2023. The Société Générale also echoed that Americans saving their extra cash might not stop until next year in 2024. Also Read: IMF Predicts the Future of the U.S. Economy Americans Lift The US Economy Through Excess Savings & Spending: Data Shows Source: thebalancemoney.com / Getty Images The move will significantly boost the US economy as excess household savings is experiencing a rise. “These figures now imply households’ excess saving may not be exhausted until sometime next year,” the analysts wrote in a recent note. The BEA revisions reflect a shift in how it measures income from real estate, investment t...