From the Web: ‘New Data Details How Americans are Spending Their Money’
9/6/2017 7:56:00 PM
Post-recession, consumers are spending most of their money on housing.
The average household spending in 2016 was slightly less than pre-recession levels, The Hill reports. The average household spent $57,311 in 2016, marking the second consecutive year there was an increase in spending, according to data from the Bureau of Labor Statistics’ annual report on consumer expenditures. Spending in 2016 was also higher than any year previously recorded in the BLS report, however, adjusted for inflation, “households are still spending less today than in 2006, when average expenditures reached $57,618.” Most of consumers’ money is allocated to housing, totaling nearly one-third of total spending, The Hill reports.
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