Use the following graph that shows Personal Savings to answer the following question. Do you think that households increased savings due to the Covid-19 pandemic?

Compare the two year period of January 2018-December 2019 to the period of January 2020-December 2021

FRED ~ - Personal Saving 7,000 6,000 5,000 4,000 Billions of Dollars 3,000 2,000 1,000 May 2020 Sep 2020 Jan 2021 May 2021 Sep 2021 Source: U.S. Bureau of Economic AnalysisFRED ~ - Personal Saving 1,560 1,540 1,520 1,500 1,480 Billions of Dollars 1,460 1,440 1,420 1,400 1,380 1,360 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Shaded areas indicate U.S. recessions. Source: U.S. Bureau of Economic Analysis fred.stlouisfed.org