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Household Services Expenditures: An Update

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Abstract

This post updates and extends my July 2011 blog piece on household discretionary services expenditures. I examine the most recent data to see what they reveal about the depth of decline in expenditures in the last recession and the extent of the recovery, and find that the expenditures appear to be further below the peak identified earlier. I then compare the pace of recovery for discretionary and nondiscretionary services in this expansion with that of previous expansions, finding that the pace in both cases is well below that of previous cycles. In summary, household spending continues to be constrained by a combination of credit conditions and weak income expectations.

Suggested Citation

  • Jonathan McCarthy, 2012. "Household Services Expenditures: An Update," Liberty Street Economics 20121126, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86840
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    More about this item

    Keywords

    business cycles; Personal consumption expenditures; recoveries; recessions; services expenditures;
    All these keywords.

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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