Consumers are the foundation of the U.S. economy and today’s chart plots data (reflecting median spending, and adjusted for inflation) from the Bureau of Labor Statistics (BLS) for 12 different consumer categories over a period of nearly 75 years to show the changing way in which Americans spend their money.
The comments above and below are excerpts from an article by Jeff Desjardins(VisualCapitalist.com) which has been edited ([ ]) and abridged (…) to provide a fast & easy read.
Over the years,
- cost reductions can be seen [see chart below] the most in both clothing and food categories, which have benefited from new technologies and cheap labor in other countries,
- while significant increases in spending can be found in healthcare, education, and transportation categories.
- Transportation spending appears to reflect the cost of oil, which hit its highest points in the early 1980s and late 2000s.
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