Non-Essentials, and the Business Cycle




Torsten Slok provides this illuminating picture of discretionary spending (y/y), by category.

A year ago, I wrote about how the lack of clearly slowing discretionary spending failed to signal a slowdown. And indeed no recession followed. What would really be helpful now is the corresponding picture from Andreolli et al. (2024), updated.

 

Source: Andreolli et al (2024).



This entry was posted on by Menzie Chinn.



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