Thanks in part to multiple infusions of government cash, Americans' total personal savings increased significantly during the COVID-19 pandemic. The savings level rose sharply when a new stimulus payment was issued. However, in late 2021, personal savings returned to prepandemic levels.

Source: “Personal Saving,” Federal Reserve Bank of St. Louis, Dec. 23, 2021, https://tinyurl.com/3z8sx99k; Smith, Talmon Joseph, “Americans’ Pandemic-Era ‘Excess Savings’ Are Dwindling for Many,” The New York Times, Dec. 8, 2021, https://tinyurl.com/28h5wsra

Data for the graphic are as follows:

Date Personal Savings (in billions)
January 2018 $1,127.7
February 2018 $1,162.4
March 2018 $1,170.0
April 2018 $1,152.3
May 2018 $1,160.9
June 2018 $1,181.7
July 2018 $1,192.8
August 2018 $1,192.5
September 2018 $1,195.7
October 2018 $1,169.4
November 2018 $1,135.5
December 2018 $1,450.5
January 2019 $1,386.6
February 2019 $1,419.1
March 2019 $1,324.4
April 2019 $1,233.3
May 2019 $1,190.7
June 2019 $1,159.0
July 2019 $1,138.0
August 2019 $1,179.0
September 2019 $1,198.1
October 2019 $1,203.6
November 2019 $1,227.8
December 2019 $1,193.8
January 2020 $1,293.8
February 2020 $1,392.4
March 2020 $2,147.9
April 2020 $6,392.5
May 2020 $4,478.1
June 2020 $3,445.3
July 2020 $3,359.4
August 2020 $2,598.4
September 2020 $2,506.2
October 2020 $2,370.9
November 2020 $2,239.3
December 2020 $2,426.2
January 2021 $3,798.6
February 2021 $2,376.9
March 2021 $5,763.5
April 2021 $2,331.1
May 2021 $1,872.8
June 2021 $1,713.2
July 2021 $1,913.3
August 2021 $1,786.3
September 2021 $1,454.0
October 2021 $1,286.2
November 2021 $1,250

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