1、 https:/crsreports.congress.gov October 2, 2020Introduction to the U.S. Economy: Consumer SpendingConsumer spending is a key driver of short-run economic growth in the U.S. economy. During the initial months of the Coronavirus Disease 2019 (COVID-19) pandemic, consumer spending dropped at a rapid an
2、d historic rate. This In Focus provides an overview of consumer spending, summarizes recent trends, describes its relationship with the business cycle, and discusses policy that can impact and be affected by consumer spending. How Consumer Spending Is Measured As defined by the Bureau of Economic An
3、alysis (BEA), consumer spending, also referred to as personal consumption expenditures (PCE), is the value of the goods and services purchased by, or on the behalf of, persons (households and nonprofit institutions serving households) living in the United States. PCE comprises roughly two-thirds of
4、gross domestic product (GDP) and is therefore typically a large component of short-run economic growth. BEA provides PCE data monthly and measures these expenditures in relation to personal income and prices. Transactions included in the calculation of PCE consist largely of the purchases of new goo
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