Real-Time Insights into Consumption Growth Inequality since the Onset of COVID-19 | 국외연구자료

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Real-Time Insights into Consumption Growth Inequality since the Onset of COVID-19

FRB of St. Louis

2024.12.04

The recovery in consumption since the onset of COVID-19 has revealed stark contrasts across population groups. In this blog post, we outline a new methodology that provides real-time estimates of monthly real expenditures for U.S. households with different levels of spending. We found that during the early recovery years, households with higher levels of expenditure experienced much faster consumption growth. However, since early 2023, consumption growth has become strikingly similar across all groups of households.

Our new methodology combines monthly data from the Bureau of Economic Analysis and the Bureau of Labor Statistics (BLS) to produce detailed consumption estimates by quintiles, in which households are equally distributed into five groups based on the level of their spending adjusted by the size of the household (technically, spending by “equivalent adult”). Monthly personal consumption expenditures (PCE) and consumer expenditure surveys (CE) are central to this approach.

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