If we really want to know when the economy will begin breathing somewhat normally again, we better follow the money and check what’s happening at our favorite restaurants. At this point, many people, both personally and through their corporate interests, hold huge amounts of cash. Even with many people losing their jobs, others have continued earning during a time when it’s not as easy to spend.

As seen in the chart showing year-over-year growth in demand deposits, the money began to stack higher back in March when states and cities shut down retailing and other crowd-generating activities. With fewer places to spend and with some people already hoarding toilet paper, canned goods, and bleach, consumers spent less overall. Checking account balances followed a bumpy path upward.