Canada/Us excess savings Canada and the US still hold plenty of excess savings from the pandemic that should last until end of 2023. It is estimated that US still holds about $1.1 trillion in excess savings which is down from about $2.5 trillion at the end of 2021. They are drawing down about $100b per month at the current rate which should last until year end.
Canada held about $300b in excess savings by end of 2021. Canada has a higher savings rate which implies the cash position held by households to be higher. The consumer is still resilient with plenty of cash leftover which bodes well for consumerism.
At least for now....
https://www.richmondfed.org/research/national_economy/macro_minute/2023/mm_03_07_23