Loading…
Thursday, August 21, 2014
Current Weather
Loading Current Weather....
Published: Tuesday, 7/12/2011

Fed says recession cut spending $7,300 a person

BLADE STAFF AND NEWS SERVICES

SAN FRANCISCO — The 18-month U.S. recession that ended in June, 2009, has cost more than $7,300, or about $175 a month, per person in lost consumption so far, according to a researcher at the Federal Reserve Bank of San Francisco.

The $7,300 figure reflects the period from December, 2007, to May, 2011, and was calculated by comparing the path of real personal consumption expenditures to precrisis levels, senior economist Kevin Lansing wrote in a paper released yesterday.

Per capita consumption is still 1.6 percent below its prerecession peak, he said.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.

Related stories