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Consumers still have $1.3 trillion in extra spending power: Morning Brief |
add US Economy Outlook Made in 2022
Fact
According to Wells Fargo, consumers had accumulated as much as $2.1 trillion in excess savings during this period. That’s a lot of extra spending power in an economy with $25 trillion in annual GDP.
However, these savings are rapidly declining amid high inflation. Wells Fargo estimated accumulated excess savings fell to $1.3 trillion as of August.
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