CHART OF THE DAY: The extra money people saved during COVID is almost gone

• Consumers are about to run out of their excess savings from the pandemic, according to JPMorgan.
• Excess savings peaked in August 2021 at a whopping $2.1 trillion, helped by government stimulus checks.
• But analysts estimated that has been whittled down to just $148 billion as of last month.

Our Chart of the Day is from JPMorgan, which highlights that consumers have significantly spent down their excess savings from the COVID-19 pandemic.

At its peak in August 2021, consumers had a whopping $2.1 trillion in excess savings, in part buffered by stimulus checks from the US government. But those savings have been consistently drawn down and JPMorgan estimated that consumers had just $148 billion left last month.