stics Administration, 1998.
The relationship between the levels of total retail sales in the United States and per capita income stated in constant dollars is presented in Chart 2, which may be found below on this page. As the chart indicates, variations in the levels of total retail sales were not as dramatic as were the variations in per capita income stated in constant dollars.
Source: Economics and Statistics Administration, 1998.
Per capita income stated in constant dollars contracted during the severe economic recession from late-1980 through late-1982. At the same time, however, total retail sales continued to grow, although that growth was somewhat slow (Council of Economic Advisers, 1995). This seeming anomaly can be explained by population increases approximating 2,000,000 per year during the period (Economics and Statistics Administration, 1998). Similarly, growth in per capita income as stated in constant dollars slowed in the economic recession from late-1990 to mid-1992, while the growth in total retail sales continued; again explainable by population growth approximating 3,000,000 per year during the period.
The relationship between the levels of sales of durable goods in the United States and per capita income stated in constant dollars is presented in Chart 3, which may be found below on this page. As the chart indicates, variations in the levels of sales of durable goods were not as dramatic as were the variations in per capita income stated in constant dollars.
Source: Economics and Statistics Administration, 1998.
In fact, variations in the levels of the sales of durable goods were more moderate than were the variations in the levels of total retail sales. Growth in sales of durable goods was relatively stable in both the 1980-1982 economic recession and the 1990-1992 economic recession. Again, these seeming anomalies are explainable by population growth.
Consumer spending on health care...