MT Magazine January/February 2022

THE BIG PICTURE

CONSUMER SPENDING SURPASSED PR Following the recession, consumer spending shifted strongly toward manufactured goods consumption but had the For more on inflation, see "Inflation: A L

CHANGE IN PERSONAL CONSUMPTION OF DURABLE

150

GFC Index Change in personal consumption of durable goods in each month following the onset of the financial crisis (December 2007) COVID Index Change in personal consumption of durable goods in each month following the onset of the COVID recession (February 2020)

140

130

120

110

100

90

80

70

60

1

3

5

7

9

2

4

6

8

10

PERSONAL SAVINGS RATES HIT AN ALL ! TIME HIGH " PERCENTAGE OF TOTAL INCOME #

17.3%

33.8%

May 1975 (Past Record High)

April 2020