Temporary support for growth #1: excess savings
US EXCESS SAVING BY MONTH & CUMULATIVE SAVING
3.0
6
CUMULATIVE EXCESS SAVING
2.5
5
2.0
4
1.5
3
1.0
2
0.5
1
EXCESS SAVING* (RHS)
0.0
0
-0.5
-1
* SAVING RELATIVE TO THE 2019 AVERAGE SAVING RATE.
-1.0
-2
2019 2020 2021 2022 2023 2024 2025
1
Sources: BEA, NBER
27
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