Amongst many issues, Covid-19 brought about a reduction in consumption of a number of goods and services (restaurants, movie theaters, airlines, tourism,...). In fact, a remarkable feature of Covid-19 was the significant increase in personal savings in the US economy (and several other economies around the world). The spike in the personal savings rate is dominated by the large government transfers to households through the CARES and subsequent programs, though the increase in savings goes beyond those transfers as can be seen in the graph below.

FRED ~ - Personal Saving Rate 35 30 25 20 Percent 15 5 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020\fFRED - Business Applications: Total for All NAICS in the United States 560,000 520,000 480,000 440,000 400,000 360,000 Number 320,000 280,000 240,000 200,000 160,000 120,000 2006 2008 2010 2012 2014 2016 2018 2020 2022