4 ms·

Source? A quick google returns mostly links suggesting personal savings are up vs. pre covid.

gottorf 3y ago
Straight from the horse's mouth: https://fred.stlouisfed.org/series/PSAVE https://fred.stlouisfed.org/series/PSAVE It appears it's trending up from a local bottom last year, but it's still lower than most of the past decade before Covid. Also this number isn't on a per-capita basis.
- JumpCrisscross 3y ago
  > this number isn't on a per-capita basis Here is the personal savings rate [1][2]. We're low, but not abysmal and repairing. [1] https://fred.stlouisfed.org/series/PSAVERT https://fred.stlouisfed.org/series/PSAVERT [2] https://www.bea.gov/data/income-saving/personal-saving-rate https://www.bea.gov/data/income-saving/personal-saving-rate
- marcusverus 3y ago
  The average person will read this sentence: > Personal savings are half of what they used to be before COVID while personal debt has doubled. And assume you're saying that the average person has half as much money in the bank as they did before COVID. Your data don't support that assertion--they show that people are still saving money, just at a slower rate. Wouldn't that imply that people have more money in the bank than pre-COVID? Anyway, spending (rather than saving) money during a period of high inflation is textbook "rational consumer" behavior, and is hardly evidence of a horrible, terrible, no good, very bad economy.
- danielmarkbruce 3y ago
  Not straight. It's from the horses mouth but then bent. "saving" != "savings". One is income statement, other is balance sheet. One is verb, other is noun. One is river, other is dam. Etc.
sakopov 3y ago
Personal Savings Rate [1] (we're at 4.5 where as the decade average for pre-covid was 8.5) and Consumer Debt [2] hit a new high in Q3. [1] https://fred.stlouisfed.org/series/PSAVERT https://fred.stlouisfed.org/series/PSAVERT [2] https://www.newyorkfed.org/newsevents/news/research/2023/20230515 https://www.newyorkfed.org/newsevents/news/research/2023/202...
- spywaregorilla 3y ago
  Seems kind of zany to assume this means anything given the enormous spike just slightly to the left imo...

Straight from the horse's mouth: https://fred.stlouisfed.org/series/PSAVE https://fred.stlouisfed.org/series/PSAVE It appears it's trending up from a local bottom last year, but it's still lower than most of the past decade before Covid. Also this number isn't on a per-capita basis.

JumpCrisscross 3y ago
> this number isn't on a per-capita basis Here is the personal savings rate [1][2]. We're low, but not abysmal and repairing. [1] https://fred.stlouisfed.org/series/PSAVERT https://fred.stlouisfed.org/series/PSAVERT [2] https://www.bea.gov/data/income-saving/personal-saving-rate https://www.bea.gov/data/income-saving/personal-saving-rate
marcusverus 3y ago
The average person will read this sentence: > Personal savings are half of what they used to be before COVID while personal debt has doubled. And assume you're saying that the average person has half as much money in the bank as they did before COVID. Your data don't support that assertion--they show that people are still saving money, just at a slower rate. Wouldn't that imply that people have more money in the bank than pre-COVID? Anyway, spending (rather than saving) money during a period of high inflation is textbook "rational consumer" behavior, and is hardly evidence of a horrible, terrible, no good, very bad economy.
danielmarkbruce 3y ago
Not straight. It's from the horses mouth but then bent. "saving" != "savings". One is income statement, other is balance sheet. One is verb, other is noun. One is river, other is dam. Etc.

sakopov 3y ago

Personal Savings Rate [1] (we're at 4.5 where as the decade average for pre-covid was 8.5) and Consumer Debt [2] hit a new high in Q3. [1] https://fred.stlouisfed.org/series/PSAVERT https://fred.stlouisfed.org/series/PSAVERT [2] https://www.newyorkfed.org/newsevents/news/research/2023/20230515 https://www.newyorkfed.org/newsevents/news/research/2023/202...

spywaregorilla 3y ago
Seems kind of zany to assume this means anything given the enormous spike just slightly to the left imo...