Oh I see. But if savings rate is decreasing, wouldn't that also likely be a short term effect that retracts when people realize they can't save as much while spending what they normally would?

Shouldn’t occur in a positively inflationary recession. That is behavior that we would expect in a deflationary recession like the prelude to the 2008 period, 2007. If it goes to around 4%, I will start worrying.