In hindsight, it makes sense that at the height of the COVID-19 pandemic Americans hoarded more money than ever. In fact, the U.S. Bureau of Economic Analysis (BEA) reported that the personal savings rate hit a historic 33% in April 2020. That does check out between shutdowns and stimulus checks.
However, that trend was unlikely to continue. BEA actually notes that personal income decreased by $216.2 billion (1.0 percent) in September 2021. Again, that makes sense as businesses have reopened and there has been a decrease in government spending.
