The unemployed are running out of the savings they built up earlier in the pandemic

Without further unemployment relief from the federal government, most unemployed workers are drawing down their savings, which could be completely exhausted in the coming weeks, according to a new study.

Almost 26 million unemployed workers saved between $100 billion and $167 billion in aggregate from the $400 billion in federal unemployment aid distributed between April and July. These savings are expected to be completely exhausted between early October and early December, according to a new study by Ernie Tedeschi, an economist with macroeconomic advisory firm Evercore ISI.