Americans have now spent all $2.1 trillion of their pandemic savings, San Francisco Fed says
Americans have now spent all $2.1 trillion of their pandemic savings, San Francisco Fed says
Consumer spending hit a peak of $85 billion per month last fall.
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Housing market collapse?
People spending all their savings is a consumer confidence indicator. Almost never a recession indicator
But if they’ve spent all their savings they might not have money for things like a mortgage going forward
Unemployment is still very low, there's likely not enough people in that kind of situation to have a significant impact on the housing market.
I thought for sure the housing market would implode after the moratorium for evictions during COVID expired.
I was wrong. Corporations just own too much real estate for something like that to make a dent.
Yeah it’s nuts. And nobody talking about laws to prevent stuff like this.