Net savings are negative for (only) the third time since 1947.
Every recession since 1947 has been preceded by a decline in net savings as consumers attempt to continue their top-of-the-bubble spending while real incomes didn’t keep up.
Generally, the dip in savings was relatively mild (savings were at least, still positive) and the recession that followed was mild. Only twice did savings drop so much it actually became negative, the 2008 recession and the COVID recession.