REVITALIZING REVISIONS
09/30/2024 |
Last week, the Bureau of Economic Analysis revised economic dating back to 2019. The data now show savings rates not at 2.9% but a decent 4.8%, and real disposable income was upwardly revised by a huge $600 billion and is now just $400 billion below pre-Covid trend. This explains the remarkable staying power of consumer spending, and the higher savings rate suggests it can continue. Recession likelihood has slightly eased.