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As Manufacturing Weakens, Consumers Pull Back

Author

Listed:
  • Jose Mustre-del-Rio
  • Emily Pollard

Abstract

The United States has faced two recent downturns in manufacturing: one from 2014 to 2015 and one that has been ongoing since 2018. We examine consumption growth at the state level to see how consumers have responded to the current downturn relative to the last. We find that during the current downturn, changes in consumption growth at the state level have been negatively correlated with the state?s share of workers in manufacturing. In contrast, we find the opposite relationship during the 2014?15 downturn.

Suggested Citation

  • Jose Mustre-del-Rio & Emily Pollard, 2019. "As Manufacturing Weakens, Consumers Pull Back," Economic Bulletin, Federal Reserve Bank of Kansas City, pages 1-3, November.
    • Handle: RePEc:fip:fedkeb:00010
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    More about this item

    Keywords

    Manufacturing; Consumption Growth; Consumers; Employment;
    All these keywords.

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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