Many Americans are conspicuously building up their savings accounts. These healthier financial habits are more than being careful—they are a common human reaction to large-scale disaster.
There is a vital lesson buried in the April announcement from the Bureau of Economic Analysis. Despite the unprecedented numbers of people filing for unemployment—30 million at the end of April—people are actually saving money. The report indicates that the savings rate escalated to a historical high of 13.1% in March, with people putting away $2.17 trillion. The last time it neared 13% was 2012; before that was 1970.
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