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Image source: Getty Images. On average, American families spent $6,440 a month -- $77,280 a year -- in 2023. Housing is the largest expenditure, followed by transportation and food.
But the median home price that month was proportionally much lower than today – $70,399 ($231,902 in 2023 dollars), or 3.69 times the median income. ... Inflation has also impacted spending on ...
Consistently positive cash flow, or excess income after all household spending, is critical to achieving financial stability and building wealth, the report argues. However, renters are ...
According to a BLS news release on September 9, 2020, average annual expenditures for all consumer units in 2019 were $63,036, a 3.0-percent increase from 2018, the U.S. Bureau of Labor Statistics reported today. During the same period, the Consumer Price Index (CPI-U) rose 1.8 percent and average income before taxes increased 5.4 percent.
Behind housing and transportation, food and alcohol is the third-largest spending category for the average American – totaling upwards of $7,000 per household in 2020, according to the Bureau of ...
The U.S. has the world's largest consumer market. [85] The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. [86] The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others. [87]
Consumer spending in the US rose from about 62% of GDP in 1960, where it stayed until about 1981, and has since risen to 71% in 2013. [ 14 ] In the first economic quarter of 2010, a report from the Bureau of Economic Analysis in the U.S. Department of Commerce stated that real gross domestic product rose by about 3.2 percent, and that this ...
The reason for that is mostly the American consumer, with spending accounting for about 70% of gross domestic product. But some observers now worry that the economy represents a tale of two Americas.