Despite a year when inflation pushed prices to new heights, Americans are still better off now than before the pandemic, with nearly 10 to 15 percent more in their bank accounts than in 2019, new checking and savings account data shows.
Nikki Cimino, 40, a public-sector recruiter near Denver, has been steadily working through her savings during the pandemic. Between a divorce and a hurried condo purchase after being priced out of her rental, she said the last three years have led to a pile of large expenses.But this month, Cimino got a substantial raise. Her salary, at $65,000, is 30 percent higher than it was before the pandemic. She finally has a financial cushion and is traveling next month, to Myrtle Beach, S.C.
But researchers say households are beginning to settle back into pre-pandemic spending and saving patterns. In the decade between the Great Recession and the pandemic, bank accounts were “very consistent,” said Wheat of the JPMorgan Chase Institute. “There was a lot of stability — and that’s the pattern we’re starting to see again.”The highest-income households had about 27 days’ worth of extra cash in their accounts in the decade before the pandemic.
Black and Hispanic households saw the biggest jumps in savings and checking accounts early in the pandemic, as government stimulus money, child tax credit payments and extra unemployment benefits helped lift balances by 96 — which fell to an all-time low in April — rose last month, even as overall joblessness fell. And there are signs that a cooling labor market is leading to reduced hours, particularly in low-paying service jobs. The number of people working part time for reasons beyond their control rose by 452,000 in June, the biggest jump in more than three years.Amber Brandon, 24, a cashier in Charlotte, was feeling good about her finances, until recently. She was making $15.
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