US personal saving rate rockets 4x. Commercial banks deposits up by 15%

Data gathered by indicates that the United States’ personal saving rate grew by at least four times between January and April 2020.

According to the data, the rate stood at 33% as of April this year.

In January, the rate was 7.9% before slightly rising to 8.2%. By March, it hit 13.1% before the April high.

Before the 2020 spike, the highest rate was in December 2018 at 8.8% while the lowest rate was in December 2015 at 5.8%. Between June 2015 and December 2019, the rate remained fairly constant averaging at 7.2%.

Commercial banks deposits up by 15%’s research also reviewed the United States commercial banks’ deposits.

Between January and May this year, the rate grew by 15.22%. In January, the figure stood at $13.3 trillion while in May it was $15.32 trillion.

In March, the deposit increased to $13.85 trillion a percentage increase of 3.5%. By April, the growing amount in deposits kept growing to stand at $14.72 trillion.

From July 2015, the deposit has been undergoing an upward trajectory to grow by 42.58% by May this year.

During the period under review, the lowest deposits held by US commercial banks were recorded in December 2015 at $10.92 trillion.

The research report notes that most Americans who lost their jobs as a result of the pandemic were depositing checks from Federal unemployment benefits hence the spike.

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