Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
According to data released by the Bureau of Economic Analysis on Friday, the personal savings rate as a percentage of personal income jumped to 33 percent in April, from 12.7 percent in March. At about one-third of personal income, 33 percent, is the highest savings rate since the BEA began recording and reporting the data in the late 1950s.
For comparison, the personal savings rate has largely remained in the single digits throughout the past three decades.
The statistic accounts for what people have left after they pay taxes and spend money.