Balances at record levels

Despite the strong economic performance, the American consumer continues to be disengaged from retail and much of the economy, and continues to build checking account balances to record levels, a new report reveals.

That’s a key finding from a new Moebs $ervices study that analyzed more than 12,000 depository call reports and compared findings to Federal Reserve monetary data for 2017.

“The consumer—in banks, thrifts and credit unions across the nation—keeps warehousing more checking dollars,” said Michael Moebs, economist and CEO of Moebs $ervices. “The average consumer checking balance has increased 23 of the past 30 quarters. The average Joe and Jane still are very leery of the economy. Yet, the Federal Reserve keeps raising interest rates.”

 

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