{"id":254,"date":"2020-06-02T00:21:52","date_gmt":"2020-06-02T00:21:52","guid":{"rendered":"https:\/\/market-wisdom.com\/?p=254"},"modified":"2020-09-25T23:20:03","modified_gmt":"2020-09-25T23:20:03","slug":"covid-triples-the-savings-rate-in-april-raining-money-and-locking-wallets","status":"publish","type":"post","link":"https:\/\/market-wisdom.com\/index.php\/2020\/06\/02\/covid-triples-the-savings-rate-in-april-raining-money-and-locking-wallets\/","title":{"rendered":"COVID triples the savings rate in April?  Raining money and locking wallets"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-savings-rate-chart-1606-png-2.png?resize=771%2C550&#038;ssl=1\" alt=\"\" class=\"wp-image-280\" width=\"771\" height=\"550\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-savings-rate-chart-1606-png-2.png?resize=1024%2C731&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-savings-rate-chart-1606-png-2.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-savings-rate-chart-1606-png-2.png?resize=768%2C549&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-savings-rate-chart-1606-png-2.png?resize=1536%2C1097&amp;ssl=1 1536w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-savings-rate-chart-1606-png-2.png?resize=1200%2C857&amp;ssl=1 1200w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-savings-rate-chart-1606-png-2.png?w=1606&amp;ssl=1 1606w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Background<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Bureau of Economic Analysis data released on Friday shows that the personal savings rate tripled to 33%, an historic high.&nbsp;&nbsp;This follows <a href=\"https:\/\/market-wisdom.com\/index.php\/2020\/05\/01\/covid-19-drives-up-savings-wait-what\/\">March\u2019s jump<\/a> from 8% to 13%.&nbsp;&nbsp;If these are hard economic times, what in the world is going on?&nbsp;&nbsp;  How is it that COVID triples the savings rate?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Findings<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-spending-drop-chart-png-1606.png?resize=765%2C546&#038;ssl=1\" alt=\"\" class=\"wp-image-272\" width=\"765\" height=\"546\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-spending-drop-chart-png-1606.png?resize=1024%2C731&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-spending-drop-chart-png-1606.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-spending-drop-chart-png-1606.png?resize=768%2C549&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-spending-drop-chart-png-1606.png?resize=1536%2C1097&amp;ssl=1 1536w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-spending-drop-chart-png-1606.png?resize=1200%2C857&amp;ssl=1 1200w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/06\/Apr-2020-spending-drop-chart-png-1606.png?w=1606&amp;ssl=1 1606w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>While employee compensation tanked, stimulus payments more than compensated:&nbsp;<\/strong>While compensation fell 8%, a huge slug of federal stimulus payments and incremental unemployment compensation actually raised personal income overall by 11% in April.<\/li><li><strong>The floor fell out of spending:&nbsp;&nbsp;<\/strong><a href=\"https:\/\/www.bea.gov\/sites\/default\/files\/2020-05\/pi0420_0.pdf\">Personal spending was down 14%<\/a>&nbsp;in April, and 20% over March and April combined.&nbsp;&nbsp;Higher income, lower spending = COVID triples the savings rate vs. March&#8230;and quadruples it vs. February..<\/li><li><strong>No one wants to see a doctor:&nbsp;&nbsp;<\/strong>The single largest spending drop is health care.&nbsp;&nbsp;People either can\u2019t, or won\u2019t, see health care professionals.<\/li><li><strong>Going out has gone away<\/strong>:&nbsp;&nbsp;Eating out, hotels, events, gasoline \u2013 all are down dramatically.<\/li><li><strong>Forget travel \u2013 <\/strong>it\u2019s in free fall:&nbsp;&nbsp;Airline spending is down 94%, public transportation 91%, as any conveyance you\u2019d share was shunned by almost everyone.<\/li><li><strong>Clothes<\/strong>?&nbsp;&nbsp;<strong>What clothes?<\/strong>&nbsp;&nbsp;Spending is down by half.&nbsp;&nbsp;Given reports that video call participants are dressing up only the upper half of their bodies, perhaps this makes sense.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Implications<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">These data show which industries are hardest hit in the depths of the lockdown, and may point to those that will have the hardest time persuading consumers to return.&nbsp;&nbsp;When we see the May data in a month, it may show some tentative rebound in some sectors given gradual reopening of the economy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s easy to conclude that airlines are in for a rough time, but there are some more immediate consumer issues and concerns:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Non-COVID health issues<\/strong>:&nbsp;&nbsp;Scared consumers are postponing any medical attention.&nbsp;&nbsp;This will come home to roost in declining health for many.&nbsp;&nbsp;Hospitals and health groups are already reaching out to their patients to persuade them to come back in.<\/li><li><strong>Is it safe<\/strong>?&nbsp;&nbsp;Not just dentists \u2013 but any business \u2013 will find people asking this question.&nbsp;&nbsp;While this is obvious \u2013 it may be that critical sectors like health care will lead the way in getting consumers back in to businesses.&nbsp;&nbsp;Medical offices and hospitals may also be able to lay claim to using the most advanced disinfection techniques.&nbsp;<\/li><li><strong>Will the stimulus continue?:<\/strong>&nbsp;&nbsp;The CARES act has burned through the majority of its stimulus payments by the end of April.&nbsp;&nbsp;If it doesn\u2019t continue paying, and states don\u2019t pick up the slack, we\u2019ll see a significant drop in income and another big hit to spending.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The small print<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The data is from the monthly Bureau of Economic Analysis\u2019&nbsp;<a href=\"https:\/\/www.bea.gov\/news\/2020\/personal-income-and-outlays-march-2020\">Personal Income and Outlays report<\/a>.&nbsp;&nbsp;Because it comes out about a month after the end of a period, we don\u2019t know what happened in the past 30 days.&nbsp;&nbsp;All the data is reported annualized \u2013 e.g. the April numbers reported are 12x the actuals observed because the BEA always annualizes for comparison purposes.&nbsp;&nbsp;This means that the press usually gets it wrong and reports annualized data as one month\u2019s amount.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/market-wisdom.com\/index.php\/sign-up-for-cool-weekly-insights\/\">Sign up for the weekly insight email!<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Background The Bureau of Economic Analysis data released on Friday shows that the personal savings rate tripled to 33%, an historic high.&nbsp;&nbsp;This follows March\u2019s jump from 8% to 13%.&nbsp;&nbsp;If these are hard economic times, what in the world is going on?&nbsp;&nbsp; How is it that COVID triples the savings rate? Findings While employee compensation tanked, &hellip; <a href=\"https:\/\/market-wisdom.com\/index.php\/2020\/06\/02\/covid-triples-the-savings-rate-in-april-raining-money-and-locking-wallets\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;COVID triples the savings rate in April?  Raining money and locking wallets&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,1],"tags":[],"class_list":["post-254","post","type-post","status-publish","format-standard","hentry","category-covid-financial-behavior","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>COVID triples the savings rate in April? Raining money and locking wallets<\/title>\n<meta name=\"description\" content=\"The personalsavings rate tripled in April. 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