by Calculated Danger on 4/29/2024 11:01:00 AM
In the course of the early phases of the pandemic, power expenditures as a proportion of PCE hit an all-time low of three.3% of PCE. Then power expenditures elevated to 2018 ranges by the tip of 2021.
This graph exhibits expenditures on power items and providers as a p.c of whole private consumption expenditures.  This is likely one of the measures that Professor Hamilton at Econbrowser appears at to guage any drag on GDP from power costs.
Click on on graph for bigger picture.
Information supply: BEA.
Basically, power expenditures as a p.c of PCE has been trending down for many years. The large spikes in power costs in the course of the oil disaster of 1973 and 1979 are apparent. As is the rise in power costs in the course of the 2001 by way of 2008 interval.
In August March 2024, power expenditures as a proportion of PCE have been at 4.1% of PCE, up from 4.0% in February, and down from the current peak of 5.2% in June 2022.Â
That is near the pre-pandemic stage of PCE.
