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Bullboard - Stock Discussion Forum Suncor Energy Inc. T.SU

Alternate Symbol(s):  SU

Suncor Energy Inc. is a Canada-based integrated energy company. The Company's segments include Oil Sands, Exploration and Production (E&P), and Refining and Marketing. Its operations include oil sands development, production and upgrading, offshore oil and gas production, petroleum refining in Canada and the United States and its Petro-Canada retail and wholesale distribution networks... see more

TSX:SU - Post Discussion

Suncor Energy Inc. > Americans running out of money
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Post by Bigbear7405 on Oct 04, 2022 5:07pm

Americans running out of money

https://www.businessinsider.com/recession-likely-economic-downturn-inflation-household-finances-worsening-spending-slowdown-2022-10

Household finances are in a worrying decline. Savings boomed through the early days of the pandemic as unprecedented stimulus and weak in-person spending left Americans more cash to stash away. That trend peaked in the middle of 2021 as the economy reopened and spending rebounded. Surging inflation led many to tap their savings to afford everyday staples, and as prices continue to soar, the cash buffer has continued to shrink.

The situation is even worse than previously thought. Data from August showed US households having spent about $270 billion of a $2.4 trillion savings cushion, according to the Bureau of Economic Analysis. That equates to about 11% of that extra accumulated cash having been spent since balances started to fall last year.

But recent revisions paint a bleaker picture. According to the newly revised stats that came out on September 30, the savings buffer peaked at only $2.1 trillion in August 2021, and roughly $630 billion — or 31% — of that cushion has been spent.

Comment by GingerEnergy111 on Oct 05, 2022 8:52am
It doesn't sound that dire or bleak.  People are using savings to spend now that things have reopened.  But so has the job market.  If you are working and you have used some savings - believe me, there was some pent up desire to purchase over the pandemic and supply chains were not working - so now they are spending AND working. As long as people are working, there is hope for ...more  
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