New research by investment bank Morgan Stanley found that US consumers have been saving more money than ever, having stockpiled a record $12.5 trillion in savings from April through July.
This stockpiling comes amid likely economic uncertainties later this year, in light of a probable new wave of Covid-19 and the aftermath of November’s presidential election. According to the bank’s managing director and chief US economist, Ellen Zentner, the sum equates to 13.5 months of the $600 a week supplemental unemployment insurance benefit that lapsed on July 31.
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