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What About Spending on Consumer Goods?

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Abstract

In a recent Liberty Street Economics post, I showed that one major category of consumer spending?spending on discretionary services such as recreation, transportation, and household utilities?behaved very differently in the 2007-09 recession and subsequent recovery than in previous business cycles: specifically, it fell more steeply and has recovered much more slowly. This finding prompted one of the editors of this blog to inquire whether consumer goods spending has also departed markedly from its behavior in past cycles. To answer that question, I examined the decline of expenditures on consumer durable goods and nondurable goods across recessions as well as the pace of recovery during long expansions like the current one.

Suggested Citation

  • Jonathan McCarthy, 2018. "What About Spending on Consumer Goods?," Liberty Street Economics 20180116, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87235
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    More about this item

    Keywords

    expansion; Great recession; GDP growth; Consumption;
    All these keywords.

    JEL classification:

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

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