And because the BEA provides detailed line-by-line personal consumption expenditure for over 300 different product and service categories, Miglani could calculate the cost of inflation for each line item.
In the business of consumer goods that retailers rely upon, Americans paid $468 billion extra due to inflation. That pretty much accounts for nearly 90% of thein retail, excluding food services, from 2021 to 2022, which rose from $6.6 trillion to $7.1 trillion. On the other hand, durable goods were less impacted by inflation, eating up an additional $133 billion in spending. As a group, durable goods, defined as goods made to last at least three years, are more discretionary in nature and include automobiles, home furnishings, appliances, jewelry and watches and recreational goods.
But overall, he shared, “By comparing ‘nominal’ to ‘real’ spending, we can measure volume-driven growth compared with inflation-driven increases. Overall, the numbers the retail industry is reporting right now is almost completely inflation driven.” “Although historically low unemployment has kept consumer’s financial footing generally strong, stubbornly high prices and climbing interests rates may be testing some borrowers’ ability to repay their debts,” Wilbert van der Klaauw, economic research advisor at theAll of which leads one to ask whether the “glass-is-half full” economic forecasts coming out of some quarters are realistic or worst?chief economist and adjunct professor of finance and economics at Columbia University, shared with...
As effective as economic models are in predicting the economy in normal times under normal conditions, this time is anything but normal.
Nothing to say
Without money how you can run the world?
Look at the inflated housing costs first. That is the biggest driver of why ppl have less money. The rich gave themselves a raise and they did it nationwide. The monopolies also colluded to increase prices. It takes a toll. The rich & their minions in pwr, are who caused it all.
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