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US data provides a chink of light in COVID-19 gloom

Banks - 13 July 2020

Savings rates in the United States have mushroomed say Ingham Analytics (unlike in South Africa). Why should this be so? They point to a couple of dynamics at place, which may take you by surprise at a time of gloomy media headlines. Fascinating data is presented on durables sales but most surprising is data on personal consumer spending, disposable personal income and personal savings. With the US economy remaining the engine room of world consumption, there are interesting seeds in these numbers that have implications elsewhere. There is talk of a V, L, W and other alphabet soup style recovery. “US data provides a chink of light in COVID-19 gloom” gives food for thought.

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