On Election Eve, Here's The Economic Outlook
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Published Friday, October 30, 2020, 8:00 p.m. EST
U.S households in September were still saving at twice the "normal" rate pre-pandemic, according to an analysis of data released today by the U.S. Bureau of Economic Analysis. The 14.1% reading in September was down from the history-making 33.6% savings-rate spike in April, which was fueled by federal coronavirus emergency aid payments enacted under the CARES Act. Another federal aid package may not come until January, depending on Tuesday's election results. However, the 14.1% savings rate indicates consumers are sitting on a considerable cash cushion. Consumer income rose 6.2% from October 1, 2019 to September 30, 2020, despite the coronavirus. How could...
This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation. Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.
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