To better understand this strange mix of buoyant markets and economic despair, it is worth turning to the data. Total employee compensation was down only 0.5% for those nine months, more akin to a mild recession than an economic catastrophe. Americans’ income from unemployment insurance benefits was 25 times higher from March through November 2020 than in the same period of 2019. SAVINGThis combination of soaring personal income and falling spending pushed Americans’ savings rate through the roof. From March through November, personal savings was $1.56 trillion higher than in 2019, a rise of 173%.

Source: bd News24 January 02, 2021 06:22 UTC