French Households’ Covid Savings Grow at Slower Pace

(Bloomberg) -- French households continued to stash extra savings in the first nine months of 2021, although at a slower pace than during the strict lockdowns last year at the height of the Covid pandemic. Comparing actual financial flows to what consumers would have saved according to previous trends, the Bank of France estimates there was a stockpile of 169 billion euros ($190 billion) in excessive savings at the end of September compared to 114 billion euros at the end of last year. The decrease in consumer caution has already shown up in economic data with their spending helping to fuel a sharp rebound over the summer. 

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