The stock of U.S. excess savings ranges from negative to slightly positive depending on the estimation method, according to an updated study from the Federal Reserve Board released Friday, suggesting less room for consumer spending growth.

That is compared to many other countries where the stock of excess savings seems to remain firmly positive. The authors write that large spending associated with the de-accumulation of savings has likely impacted growth and inflation. (See: MNI INTERVIEW: US Consumer Savings To Underpin Demand Into '24)

Source: Federal Reserve