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Economics

$2.7 Trillion in Crisis Savings Stay Hoarded by Wary Consumers

  • Europe, U.S. data suggest spending binge hasn’t materialized
  • Demographics are a reason pile of savings isn’t getting spent
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Consumers Keep $2.7 Trillion in Crisis Savings for a Rainy Day

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Consumers in Europe and the U.S. aren’t rushing to spend more than $2.7 trillion in savings socked away during the pandemic, dashing hopes for a consumption-fueled boost to economic growth on both sides of the Atlantic.