U.S. household savings rose and fell at unprecedented rates since the onset of the pandemic recession. Comprehensive data revisions by the Bureau of Economic Analysis show that households continue to hold significantly more savings than previously estimated. Our updated estimates suggest that more than $400 billion of accumulated excess savings remains in the aggregate economy, and those funds are likely to continue being drawn down into the first half of 2024.| Federal Reserve Bank of San Francisco
New data suggest that net migration into the United States has dropped sharply in 2025 from its historical highs, falling well below previous estimates.| San Francisco Fed
As they finish two years of working with the SF Fed Economic Research Department, several research associates will continue their academic careers through graduate studies.| Federal Reserve Bank of San Francisco
Our research associates who have been working with professional economists in Economic Research over the past two years are preparing to take their next steps, pursuing new paths and opportunities.| Federal Reserve Bank of San Francisco
How much variation in labor market conditions and inflation rates is there at the sub-national level? Our Regional Indicators page maps out labor market, price, and earnings data across the country.| Federal Reserve Bank of San Francisco
U.S. household savings rose and fell at unprecedented rates following the onset of the pandemic recession. Updated estimates suggest that these excess savings have been fully spent. However, consumer spending shows no signs of losing steam, raising questions about its future path.| Federal Reserve Bank of San Francisco
