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Jun 14, 2022

Pandemic savings drove inflation, now inflation is draining savings

The savings rate for Americans has plummeted since the height of the pandemic. Plus, when air conditioning is more necessity than luxury.

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NEW YORK, NEW YORK - JULY 16: People walk through a shopping district in Brooklyn on July 16, 2021 in New York City. As demand for goods remains strong, U.S. retail sales rose 0.6% in the month of June.
NEW YORK, NEW YORK - JULY 16: People walk through a shopping district in Brooklyn on July 16, 2021 in New York City. As demand for goods remains strong, U.S. retail sales rose 0.6% in the month of June.
Spencer Platt/Getty Images

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Pandemic savings drove inflation, now inflation is draining savings