RegionalFeds: NYers Cut Spending Slightly During Recession
Feds: NYers Cut Spending Slightly During Recession
ALBANY (AP) -
New Yorkers cut their consumer spending only slightly at the end of the Great Recession after more than a decade of year-over-year gains and rebounded after 2009, according to new federal government statistics released Thursday.
The preliminary U.S. Bureau of Economic Analysis numbers show there was a drop of less than 1 percent in spending per person from 2008 to 2009, compared to a decline of 2.5 percent nationally.
The data show steady increases in spending per capita from $22,490 in 1997 to $37,764 in 2008 before dipping to $37,487 in 2009. That number was $42,043 in 2012.
The detailed statistics show New Yorkers cut back on buying durable goods during the recession, not services.