An unusual phenomenon is occurring during the sharpest downturn in U.S. history: Americans have money in their pockets.
Economic and banking data are revealing that Americans are earning and saving money during the coronavirus crisis, thanks to unprecedented stimulus from the federal government. The rescue funds could be responsible for facilitating the quickest recession in history.
Consumer spending and savings are up from last year on a per-client basis at digital banking company Chime, which has more than 6.5 million accounts. Chime is the largest of a new breed of branchless U.S. banks that offer no-fee accounts, free overdrafts and early direct deposits on paychecks.