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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.
A consumer unit consists of any of the following: (1) All members of a particular household who are related by blood, marriage, adoption, or other legal arrangements; (2) a person living alone or sharing a household with others or living as a roomer in a private home or lodging house or in permanent living quarters in a hotel or motel, but who ...
The PSID has achieved high and consistent response rates, and because of low attrition and the success in following young adults as they form their own families, the sample size has grown from 4,800 families in 1968, to 7,000 families in 2001, to 7,400 by 2005, and to more than 9,000 as of 2013.
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.
The real median post-tax household income jumped 3.7% from $66,800 in 2022 to $69,240 in 2023. The good news is that household income increased at all income levels. It wasn't just high earners ...
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Transportation services, another major spending group, increased 9.9% from February 2023 to February 2024, per the CPI. Data from the Bureau of Labor Statistics show that in 2022, Americans spent ...
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 ...