Chart Library
The Spike in Personal Savings Has Disappeared
Thanks to the COVID relief programs, personal savings soared in 2020 and 2021, peaking at $6.5 trillion (about a 364% increase from historical levels). But over the past two years, those excess savings—which many have credited with helping keep the economy strong—have been spent.
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Year-Over-Year Consumer Spending Trends
Consumer spending has been slightly up year-over-year (as of July 22, 2023), according to Bank of America credit-card spending data. While spending was significantly down in categories such as online electronics, furniture and gas, consumers have been paying more on dining and entertainment.
In July, S&P Equal Weight and Russell 2000 Value Indices Outperformed
In July, the S&P 500 Equal Weight Index and the Russell 2000 Value Index outperformed the S&P 500. But for this year so far, the tech-heavy Russell 1000 has led the way—up 33%.