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Started By
Message
Americans are still better off, with more in the bank than before the pandemic
Posted on 7/17/23 at 1:20 pm
Posted on 7/17/23 at 1:20 pm
Agree or disagree?
Sourced article
quote:
Bank account balances are 10 to 15 percent higher than they were in 2019, new data shows
quote:
Despite a year when inflation pushed prices to new heights, Americans are still better off now than before the pandemic, with nearly 10 to 15 percent more in their bank accounts than in 2019, new checking and savings account data shows.
However, households are rapidly spending down that extra cash they’d socked away during the pandemic. Median account balances are at their lowest levels in roughly three years and have dropped as much as 41 percent from their peak in April 2021, when Americans were flush with government stimulus money and tax returns, according to a JPMorgan Chase Institute analysis of the bank accounts of 9 million Chase customers.
Taken together, the data helps explain the big mystery behind how the U.S. economy has managed to avoid a recession that many economists had forecast: Consumers, supported by a strong labor market, have been able to keep spending despite inflation and a sharp rise in borrowing costs.
quote:
But it also highlights why Americans remain tentative about their economic prospects, particularly as they face higher prices on food, housing and travel. Many have been working through their savings and say their bank account balances are on a downhill trajectory, with little prospect of building them back up to where they were a year or two ago.
quote:
“Obviously there was a huge public health event and unprecedented federal response that landed a lot of money in peoples’ bank accounts,” said Chris Wheat, president of the JPMorgan Chase Institute, a think tank within the country’s largest bank. “From the perspective of an individual household, 2020 is getting farther in the rearview mirror, but you still remember what it was like to have a bigger balance. That feeling of ‘I have less’ has certainly intensified, in part because of inflation.”
quote:
The U.S. economy continues to defy the experts. Even as policymakers hiked interest rates, cooling down many sectors and triggering layoffs across housing, finance and tech, a resilient job market and healthy spending by households and businesses have worked to lift growth beyond what economists had expected at the start of the year.
quote:
Americans are far more optimistic, after more than a year of feeling particularly downbeat about inflation and giving the Biden administration low marks for its handling of the economy. Consumer sentiment spiked in July to its highest level in more than a year and a half, according to a closely-watched metric from the University of Michigan.
“Consumers have absolutely noticed that inflation has slowed down,” said Joanne Hsu, director and chief economist of University of Michigan Surveys of Consumers. “The labor market is still strong, incomes are high, and that’s helped support robust consumer spending.”
quote:
For many Americans, that means bank accounts are more flush than usual. Tony Oxx, a manager at a transportation company in Louisville, has nearly tripled his savings since the pandemic took hold. He’s gotten two raises in that period and his overall pay, including commission and bonuses, has jumped more than 50 percent.
quote:
“I’ve been able to really rake it in,” Oxx, 39, said, adding that he recently upped his 401(k) retirement contributions to 15 percent from 3 percent of his salary. “As far as inflation, I’ve seen some price increases but nothing that hurt too bad. I’m saving a substantial portion — about 25 percent — of what I take home.”
He’s also splurging more. Oxx and his girlfriend just returned from a week-long vacation in Cancún, and he recently paid for an all-inclusive cruise for their parents.
“I’ve never made this much money before,” he said. “This is the first time I’ve been able to pay for my mom to take a whole vacation.”
quote:
Although inflation has often overshadowed pay increases in the past year, that’s beginning to change: Earnings have grown faster than inflation for four straight months. Overall, average hourly wages are up 4.4 percent in the past year, compared with a 3 percent increase in prices in the same period, according to data from the Bureau of Labor Statistics.
Sourced article
Posted on 7/17/23 at 1:22 pm to bad93ex
Buy less with more this year than ever before. New Biden slogan.
Posted on 7/17/23 at 1:22 pm to bad93ex
quote:
Americans are far more optimistic, after more than a year of feeling particularly downbeat about inflation and giving the Biden administration low marks for its handling of the economy.
I find this hard to believe.
I have more money now, but it’s because I got divorced, not any of those factors.
Posted on 7/17/23 at 1:23 pm to bad93ex
What a load of propaganda that article is.
Posted on 7/17/23 at 1:24 pm to bad93ex
One of the greatest lies ever told.
Posted on 7/17/23 at 1:24 pm to bad93ex
Where do you think the 3 separate over 1 trillion dollar stimmies went.
Posted on 7/17/23 at 1:25 pm to bad93ex
I’m personally in a better financial position than I was in 2019.
That’s about all I know first-hand.
The folks who post economic statistics sometimes have agendas.
That’s about all I know first-hand.
The folks who post economic statistics sometimes have agendas.
Posted on 7/17/23 at 1:25 pm to jbird7
quote:
What a load of propaganda that article is.
You know its bad when they have to try to convince you its good.
Posted on 7/17/23 at 1:26 pm to bad93ex
Not sure, but if you were to follow the politards you would swear we are in a 1930’s depression and the world is close to ending.
And real estate and the vehicle market has been going to crash any day now for the past two years.
And real estate and the vehicle market has been going to crash any day now for the past two years.
This post was edited on 7/17/23 at 1:29 pm
Posted on 7/17/23 at 1:26 pm to bad93ex
Without manipulating numbers, there's literally no way people's bank accounts all of a sudden have jumped 10- 15 % over 4 years.
But, you also have to realize that inflation is up probably 20%+ over the past 4 years.
And this doesn't include housing costs, along with rising mortgage interest rates.
But, you also have to realize that inflation is up probably 20%+ over the past 4 years.
And this doesn't include housing costs, along with rising mortgage interest rates.
Posted on 7/17/23 at 1:26 pm to soccerfüt
quote:
I’m personally in a better financial position than I was in 2019.
That’s about all I know first-hand.
The folks who post economic statistics sometimes have agendas.
There are people out there who are better off now. The vast majority of those dont have any debt. If you have no debt this period of time is literally yours for the taking.
Posted on 7/17/23 at 1:32 pm to bad93ex
Lets not forget Bidwn stole our Strategic Petroleum Reserve to buy votes. If not for his draining it gas prices would have averaged $5-$6 a gallon. But there will be a price to pay at some point in future:
Bloomberg Markets
@markets
6h
After President Joe Biden sold off US strategic oil supplies, many storage caverns are sitting empty - and may never be refilled.
Bloomberg Markets
@markets
6h
After President Joe Biden sold off US strategic oil supplies, many storage caverns are sitting empty - and may never be refilled.
Posted on 7/17/23 at 1:33 pm to bad93ex
Personally, I would have to disagree.
I'm making more money, but I have less money in the bank and less money left over at the end of each month, but have not increased my level of consumption of goods and services.
I had much more disposable income during the Trump Era.
I'm making more money, but I have less money in the bank and less money left over at the end of each month, but have not increased my level of consumption of goods and services.
I had much more disposable income during the Trump Era.
Posted on 7/17/23 at 1:33 pm to bad93ex
These metrics are always hard to accurately measure because many of us have also gotten promotions, furthered our careers etc in that time period.
Id have to crystal ball it and figure out what id have in a fantasy 2019 trajectory without factoring in the economic slump and inflation of the last few years.
Id have to crystal ball it and figure out what id have in a fantasy 2019 trajectory without factoring in the economic slump and inflation of the last few years.
Posted on 7/17/23 at 1:33 pm to bad93ex
Who keeps a lot of money in a bank account?
Posted on 7/17/23 at 1:35 pm to bad93ex
My bank account has never been higher and I have never felt more priced out of everyday things than I am currently.
Posted on 7/17/23 at 1:35 pm to bad93ex
quote:
Americans are still better off
the frick we are
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