Accessible Version
A Not-So-Great Recovery in Consumption: What is holding back household spending? Accessible Data
Figure 1: Consumption
Percent of Disposable Personal Income
| Period | Actual | Fitted |
|---|---|---|
| 1960q1 | 87.86982 | 86.46831 |
| 1960q2 | 88.43393 | 86.4565 |
| 1960q3 | 87.91644 | 86.36166 |
| 1960q4 | 88.09586 | 86.87196 |
| 1961q1 | 87.21687 | 87.26758 |
| 1961q2 | 87.15385 | 87.22399 |
| 1961q3 | 86.43469 | 87.18816 |
| 1961q4 | 86.50852 | 87.16817 |
| 1962q1 | 86.61954 | 87.02212 |
| 1962q2 | 86.75799 | 85.9014 |
| 1962q3 | 87.00525 | 86.09797 |
| 1962q4 | 87.4617 | 86.78789 |
| 1963q1 | 87.30196 | 87.04586 |
| 1963q2 | 87.3444 | 86.98696 |
| 1963q3 | 87.54255 | 86.99977 |
| 1963q4 | 86.87431 | 86.56353 |
| 1964q1 | 86.86496 | 86.49424 |
| 1964q2 | 86.09705 | 86.17286 |
| 1964q3 | 86.56841 | 86.19102 |
| 1964q4 | 85.84288 | 86.2089 |
| 1965q1 | 86.71906 | 86.30643 |
| 1965q2 | 86.69443 | 85.9006 |
| 1965q3 | 85.82965 | 86.05869 |
| 1965q4 | 86.50883 | 86.01207 |
| 1966q1 | 86.92762 | 85.7496 |
| 1966q2 | 86.92237 | 85.7335 |
| 1966q3 | 86.8553 | 85.25725 |
| 1966q4 | 86.21114 | 85.66849 |
| 1967q1 | 85.43572 | 86.15461 |
| 1967q2 | 85.9383 | 86.2008 |
| 1967q3 | 85.56132 | 86.4164 |
| 1967q4 | 85.45784 | 86.5469 |
| 1968q1 | 86.02788 | 86.22435 |
| 1968q2 | 85.91044 | 86.64375 |
| 1968q3 | 87.3055 | 86.78992 |
| 1968q4 | 87.10654 | 87.38402 |
| 1969q1 | 87.9019 | 87.30635 |
| 1969q2 | 87.5 | 86.87341 |
| 1969q3 | 86.09973 | 86.33389 |
| 1969q4 | 86.11611 | 86.08455 |
| 1970q1 | 85.81118 | 85.85185 |
| 1970q2 | 85.2009 | 85.57883 |
| 1970q3 | 84.62633 | 85.66138 |
| 1970q4 | 84.61736 | 86.2067 |
| 1971q1 | 84.5389 | 86.39503 |
| 1971q2 | 84.08623 | 86.51332 |
| 1971q3 | 84.31162 | 86.4267 |
| 1971q4 | 84.72808 | 86.61833 |
| 1972q1 | 85.44216 | 87.06615 |
| 1972q2 | 86.19475 | 86.98481 |
| 1972q3 | 85.87689 | 86.89968 |
| 1972q4 | 84.5351 | 87.22639 |
| 1973q1 | 85.47937 | 86.9995 |
| 1973q2 | 84.75941 | 86.63924 |
| 1973q3 | 84.69489 | 86.86355 |
| 1973q4 | 83.53368 | 86.17424 |
| 1974q1 | 84.19367 | 86.2107 |
| 1974q2 | 85.2797 | 86.05295 |
| 1974q3 | 85.55366 | 85.56744 |
| 1974q4 | 84.40053 | 85.78224 |
| 1975q1 | 85.24916 | 86.6151 |
| 1975q2 | 82.82104 | 86.58248 |
| 1975q3 | 85.24324 | 86.55237 |
| 1975q4 | 85.49346 | 86.58269 |
| 1976q1 | 86.1914 | 86.78399 |
| 1976q2 | 86.53773 | 86.90498 |
| 1976q3 | 86.81319 | 86.91311 |
| 1976q4 | 87.43141 | 86.92785 |
| 1977q1 | 88.45601 | 86.86674 |
| 1977q2 | 87.84727 | 86.686 |
| 1977q3 | 87.34846 | 86.50413 |
| 1977q4 | 86.98985 | 86.22559 |
| 1978q1 | 86.87696 | 86.20808 |
| 1978q2 | 87.85772 | 86.16216 |
| 1978q3 | 87.5954 | 86.38385 |
| 1978q4 | 87.60838 | 86.25623 |
| 1979q1 | 87.12837 | 86.39169 |
| 1979q2 | 87.82834 | 86.64179 |
| 1979q3 | 88.28189 | 86.90063 |
| 1979q4 | 88.13065 | 86.93253 |
| 1980q1 | 87.6927 | 86.76543 |
| 1980q2 | 86.98463 | 87.29511 |
| 1980q3 | 86.86487 | 87.84759 |
| 1980q4 | 86.32302 | 87.48414 |
| 1981q1 | 87.00874 | 87.42727 |
| 1981q2 | 87.01105 | 87.55769 |
| 1981q3 | 85.60828 | 87.19377 |
| 1981q4 | 84.80024 | 87.32813 |
| 1982q1 | 85.262 | 87.28246 |
| 1982q2 | 85.08838 | 87.2767 |
| 1982q3 | 85.28739 | 87.40829 |
| 1982q4 | 86.45444 | 87.78598 |
| 1983q1 | 86.55419 | 87.91864 |
| 1983q2 | 87.64189 | 88.06174 |
| 1983q3 | 87.85531 | 87.54603 |
| 1983q4 | 87.35941 | 87.09437 |
| 1984q1 | 86.33432 | 86.79975 |
| 1984q2 | 86.13184 | 86.54878 |
| 1984q3 | 85.61963 | 86.51927 |
| 1984q4 | 86.04301 | 86.62753 |
| 1985q1 | 87.71773 | 87.0261 |
| 1985q2 | 86.86895 | 86.82091 |
| 1985q3 | 88.83427 | 86.98431 |
| 1985q4 | 88.04934 | 87.16196 |
| 1986q1 | 87.70187 | 87.43526 |
| 1986q2 | 87.5214 | 87.63017 |
| 1986q3 | 88.4785 | 87.5878 |
| 1986q4 | 88.88789 | 88.01461 |
| 1987q1 | 88.17492 | 88.32785 |
| 1987q2 | 90.2721 | 88.69118 |
| 1987q3 | 89.69001 | 88.47907 |
| 1987q4 | 88.69102 | 87.84806 |
| 1988q1 | 88.97226 | 87.9942 |
| 1988q2 | 88.71313 | 87.9261 |
| 1988q3 | 88.6158 | 87.76025 |
| 1988q4 | 88.77486 | 87.82813 |
| 1989q1 | 88.09739 | 87.93259 |
| 1989q2 | 88.77145 | 88.12555 |
| 1989q3 | 89.04826 | 88.40288 |
| 1989q4 | 88.72906 | 88.44899 |
| 1990q1 | 88.74418 | 88.2127 |
| 1990q2 | 88.49405 | 88.15828 |
| 1990q3 | 88.81583 | 87.75359 |
| 1990q4 | 88.84721 | 88.16037 |
| 1991q1 | 88.35339 | 88.71594 |
| 1991q2 | 88.48328 | 88.61944 |
| 1991q3 | 88.59084 | 88.652 |
| 1991q4 | 87.81506 | 88.97275 |
| 1992q1 | 87.58455 | 88.6123 |
| 1992q2 | 87.27311 | 88.40962 |
| 1992q3 | 87.83283 | 88.47984 |
| 1992q4 | 88.57541 | 88.70164 |
| 1993q1 | 88.41507 | 88.82717 |
| 1993q2 | 89.05457 | 88.84649 |
| 1993q3 | 89.98143 | 89.08418 |
| 1993q4 | 90.18641 | 89.12483 |
| 1994q1 | 90.58773 | 89.08165 |
| 1994q2 | 90.33268 | 88.85304 |
| 1994q3 | 90.49389 | 88.80394 |
| 1994q4 | 90.21404 | 88.68683 |
| 1995q1 | 89.5969 | 88.90762 |
| 1995q2 | 90.19751 | 89.14587 |
| 1995q3 | 90.21887 | 89.29836 |
| 1995q4 | 90.32838 | 89.4331 |
| 1996q1 | 90.30347 | 89.67114 |
| 1996q2 | 90.41863 | 89.68928 |
| 1996q3 | 90.24374 | 89.53187 |
| 1996q4 | 90.48236 | 89.45343 |
| 1997q1 | 90.52707 | 89.45554 |
| 1997q2 | 90.16786 | 89.99624 |
| 1997q3 | 90.63193 | 90.31184 |
| 1997q4 | 90.41283 | 90.18464 |
| 1998q1 | 89.43871 | 90.72131 |
| 1998q2 | 89.76508 | 90.65327 |
| 1998q3 | 90.02888 | 89.8405 |
| 1998q4 | 90.61321 | 90.89765 |
| 1999q1 | 90.66568 | 91.04507 |
| 1999q2 | 91.78177 | 91.49712 |
| 1999q3 | 92.20415 | 91.15588 |
| 1999q4 | 92.20331 | 92.24377 |
| 2000q1 | 91.79691 | 92.20769 |
| 2000q2 | 91.72759 | 91.74342 |
| 2000q3 | 91.54875 | 91.64375 |
| 2000q4 | 92.05441 | 91.05394 |
| 2001q1 | 91.6609 | 90.48267 |
| 2001q2 | 91.97685 | 91.11729 |
| 2001q3 | 90.18243 | 89.86514 |
| 2001q4 | 92.70592 | 91.0967 |
| 2002q1 | 90.7764 | 90.83363 |
| 2002q2 | 90.77931 | 90.17459 |
| 2002q3 | 91.53162 | 89.50632 |
| 2002q4 | 91.58249 | 89.85535 |
| 2003q1 | 91.72999 | 89.78474 |
| 2003q2 | 91.42673 | 90.26886 |
| 2003q3 | 91.27876 | 90.2167 |
| 2003q4 | 91.61781 | 90.967 |
| 2004q1 | 91.83922 | 91.65221 |
| 2004q2 | 91.53352 | 91.73696 |
| 2004q3 | 91.92516 | 91.84285 |
| 2004q4 | 91.72211 | 92.38286 |
| 2005q1 | 93.32179 | 93.12225 |
| 2005q2 | 93.59605 | 93.39555 |
| 2005q3 | 93.84146 | 93.64879 |
| 2005q4 | 93.42193 | 93.87402 |
| 2006q1 | 92.36082 | 94.20124 |
| 2006q2 | 92.71223 | 93.95103 |
| 2006q3 | 92.98794 | 93.92596 |
| 2006q4 | 92.72326 | 94.18578 |
| 2007q1 | 92.60378 | 94.31371 |
| 2007q2 | 92.7384 | 94.1654 |
| 2007q3 | 92.90719 | 93.97767 |
| 2007q4 | 92.94517 | 93.38907 |
| 2008q1 | 92.08952 | 92.28485 |
| 2008q2 | 90.33949 | 92.22106 |
| 2008q3 | 91.79669 | 91.17642 |
| 2008q4 | 90.11279 | 89.97027 |
| 2009q1 | 89.97412 | 90.13078 |
| 2009q2 | 88.93602 | 90.63733 |
| 2009q3 | 90.46739 | 91.23306 |
| 2009q4 | 90.57673 | 91.40424 |
| 2010q1 | 90.97043 | 91.97439 |
| 2010q2 | 90.53458 | 91.29368 |
| 2010q3 | 90.66778 | 91.67312 |
| 2010q4 | 90.96336 | 92.14912 |
| 2011q1 | 90.31342 | 92.05769 |
| 2011q2 | 90.6371 | 91.92155 |
| 2011q3 | 90.55201 | 90.94816 |
| 2011q4 | 90.80076 | 91.34165 |
| 2012q1 | 89.87859 | 91.42392 |
| 2012q2 | 89.34366 | 91.24419 |
| 2012q3 | 89.62559 | 91.74857 |
| 2012q4 | 87.57619 | 91.29538 |
| 2013q1 | 91.82172 | 93.26596 |
| 2013q2 | 91.47691 | 93.5731 |
| 2013q3 | 91.37051 | 94.0421 |
| 2013q4 | 91.94291 | 94.64902 |
| 2014q1 | 91.40824 | 94.63313 |
| 2014q2 | 91.01708 | 94.67462 |
| 2014q3 | 90.95071 | 94.48872 |
| 2014q4 | 90.76048 | 94.66026 |
| 2015q1 | 90.62966 | 95.08097 |
| 2015q2 | 90.44471 | 94.92504 |
| 2015q3 | 90.64861 | 94.42068 |
| 2015q4 | 90.59068 | 94.71738 |
| 2016q1 | 90.95217 | 94.86914 |
| 2016q2 | 91.37212 | 94.81231 |
| 2016q3 | 91.84794 | 95.23348 |
| 2016q4 | 92.9416 | 95.769 |
| 2017q1 | 92.7262 | 96.03528 |
| 2017q2 | 92.85076 | 96.13381 |
| 2017q3 | 93.27464 | 96.45984 |
Note: Estimation period is 1960Q1 to 2007Q4. Shaded areas indicate recession periods as dated by the National Bureau of Economic Research (NBER): December 1969-November 1970, November 1973-March 1975, January 1980-July 1980, July 1981-November 1982, July 1990-March 1991, March 2001-November 2001, and December 2007-June 2009. APC out of non-transfer income: 0.65. APC out of transfer income: 1.0. APC out of wealth: 0.035.
Source: U.S. Dept. of Commerce, Bureau of Economic Analysis.
Figure 2: Transfer Components
Percent of Disposable Personal Income
| Period | Social Security | Medicare | Medicaid | Other |
|---|---|---|---|---|
| 1960:Q1 | 2.90478752 | 0 | 0 | 3.711673 |
| 1960:Q2 | 2.924754055 | 0 | 0 | 3.80218 |
| 1960:Q3 | 2.987837123 | 0 | 0 | 3.886832 |
| 1960:Q4 | 3.028706874 | 0 | 0 | 4.08217 |
| 1961:Q1 | 3.12418641 | 0 | 0 | 4.373861 |
| 1961:Q2 | 3.153846154 | 0 | 0 | 4.461538 |
| 1961:Q3 | 3.227433182 | 0 | 0 | 4.311649 |
| 1961:Q4 | 3.311094638 | 0 | 0 | 3.953546 |
| 1962:Q1 | 3.36339264 | 0 | 0 | 3.94833 |
| 1962:Q2 | 3.388608508 | 0 | 0 | 3.821197 |
| 1962:Q3 | 3.457319981 | 0 | 0 | 3.79113 |
| 1962:Q4 | 3.488098044 | 0 | 0 | 3.86519 |
| 1963:Q1 | 3.471575023 | 0 | 0 | 4.123952 |
| 1963:Q2 | 3.503918857 | 0 | 0 | 3.803596 |
| 1963:Q3 | 3.494440663 | 0 | 0 | 3.766735 |
| 1963:Q4 | 3.448275862 | 0 | 0 | 3.78198 |
| 1964:Q1 | 3.408597482 | 0 | 0 | 3.886235 |
| 1964:Q2 | 3.35443038 | 0 | 0 | 3.649789 |
| 1964:Q3 | 3.36308906 | 0 | 0 | 3.591447 |
| 1964:Q4 | 3.334697218 | 0 | 0 | 3.559738 |
| 1965:Q1 | 3.325272068 | 0 | 0 | 3.728335 |
| 1965:Q2 | 3.31152092 | 0 | 0 | 3.549475 |
| 1965:Q3 | 3.864641415 | 0 | 0 | 3.460873 |
| 1965:Q4 | 3.551296505 | 0 | 0 | 3.382187 |
| 1966:Q1 | 3.56351551 | 0 | 0.295421 | 3.120384 |
| 1966:Q2 | 3.598173516 | 0 | 0.347032 | 2.977169 |
| 1966:Q3 | 3.563753582 | 0.2149 | 0.340258 | 2.972779 |
| 1966:Q4 | 3.548217109 | 0.509398 | 0.386439 | 3.126647 |
| 1967:Q1 | 3.572044866 | 0.655738 | 0.379638 | 3.347714 |
| 1967:Q2 | 3.596386569 | 0.767002 | 0.426112 | 3.255497 |
| 1967:Q3 | 3.563660699 | 0.853271 | 0.485193 | 3.245775 |
| 1967:Q4 | 3.540843215 | 0.889328 | 0.527009 | 3.277339 |
| 1968:Q1 | 3.605191476 | 0.897292 | 0.576831 | 3.316776 |
| 1968:Q2 | 3.869558433 | 0.904977 | 0.639725 | 3.307848 |
| 1968:Q3 | 3.913110461 | 0.924357 | 0.631644 | 3.358496 |
| 1968:Q4 | 3.889225182 | 0.938257 | 0.650726 | 3.404964 |
| 1969:Q1 | 3.888141169 | 0.957081 | 0.657993 | 3.529236 |
| 1969:Q2 | 3.840537383 | 0.963785 | 0.642523 | 3.533879 |
| 1969:Q3 | 3.743466591 | 0.960588 | 0.649809 | 3.531572 |
| 1969:Q4 | 3.699598171 | 0.956076 | 0.665096 | 3.588749 |
| 1970:Q1 | 3.676071622 | 0.949539 | 0.678242 | 3.662507 |
| 1970:Q2 | 4.521946691 | 0.954781 | 0.702825 | 3.911948 |
| 1970:Q3 | 4.137574347 | 0.943884 | 0.724076 | 4.059995 |
| 1970:Q4 | 4.133606348 | 0.959816 | 0.755055 | 4.402355 |
| 1971:Q1 | 4.076559781 | 0.969426 | 0.770569 | 4.374845 |
| 1971:Q2 | 4.6869323 | 0.968875 | 0.799322 | 4.39627 |
| 1971:Q3 | 4.438081603 | 0.966356 | 0.823193 | 4.461942 |
| 1971:Q4 | 4.418659165 | 0.972808 | 0.855602 | 4.453821 |
| 1972:Q1 | 4.421611637 | 0.981298 | 0.900485 | 4.583237 |
| 1972:Q2 | 4.397227588 | 0.988524 | 0.908988 | 4.488126 |
| 1972:Q3 | 4.343021328 | 0.983534 | 0.950381 | 4.33197 |
| 1972:Q4 | 5.007379296 | 0.96985 | 0.896057 | 4.343243 |
| 1973:Q1 | 5.0780846 | 0.982521 | 0.93081 | 4.292067 |
| 1973:Q2 | 5.063418563 | 1.006644 | 0.966378 | 4.187638 |
| 1973:Q3 | 5.039370079 | 1.033465 | 0.954724 | 4.124016 |
| 1973:Q4 | 4.960885327 | 1.049418 | 0.963557 | 4.140431 |
| 1974:Q1 | 4.945365486 | 1.10211 | 0.960814 | 4.474378 |
| 1974:Q2 | 5.261211281 | 1.146556 | 1.026352 | 4.576976 |
| 1974:Q3 | 5.379149051 | 1.178375 | 1.025457 | 4.749483 |
| 1974:Q4 | 5.375494071 | 1.212121 | 1.054018 | 5.032938 |
| 1975:Q1 | 5.354521116 | 1.252267 | 1.148631 | 5.70861 |
| 1975:Q2 | 5.128414187 | 1.239299 | 1.125153 | 6.490012 |
| 1975:Q3 | 5.603833347 | 1.29944 | 1.120767 | 6.172338 |
| 1975:Q4 | 5.52516845 | 1.331748 | 1.157352 | 6.064209 |
| 1976:Q1 | 5.50174351 | 1.363812 | 1.177838 | 6.044169 |
| 1976:Q2 | 5.458298295 | 1.40662 | 1.139057 | 5.756441 |
| 1976:Q3 | 5.756148613 | 1.435299 | 1.188607 | 5.576736 |
| 1976:Q4 | 5.750237764 | 1.463165 | 1.163216 | 5.435657 |
| 1977:Q1 | 5.69292697 | 1.5023 | 1.164462 | 5.369465 |
| 1977:Q2 | 5.61217367 | 1.514728 | 1.221555 | 5.011867 |
| 1977:Q3 | 5.844903488 | 1.523874 | 1.131053 | 4.815442 |
| 1977:Q4 | 5.705863085 | 1.526368 | 1.080904 | 4.742876 |
| 1978:Q1 | 5.617761853 | 1.548404 | 1.119713 | 4.721991 |
| 1978:Q2 | 5.456577069 | 1.551927 | 1.154634 | 4.568875 |
| 1978:Q3 | 5.711689885 | 1.574803 | 1.144761 | 4.524531 |
| 1978:Q4 | 5.638454733 | 1.592451 | 1.150103 | 4.429372 |
| 1979:Q1 | 5.527868477 | 1.603941 | 1.145672 | 4.479578 |
| 1979:Q2 | 5.500871815 | 1.642387 | 1.16992 | 4.477192 |
| 1979:Q3 | 5.878175362 | 1.666211 | 1.152691 | 4.577984 |
| 1979:Q4 | 5.751460435 | 1.699416 | 1.189591 | 4.588423 |
| 1980:Q1 | 5.616649538 | 1.726619 | 1.202467 | 4.784173 |
| 1980:Q2 | 5.599104143 | 1.796803 | 1.130001 | 4.942482 |
| 1980:Q3 | 6.235872236 | 1.818182 | 1.189189 | 5.331695 |
| 1980:Q4 | 6.024833035 | 1.824852 | 1.204026 | 5.055968 |
| 1981:Q1 | 6.014726185 | 1.872987 | 1.219512 | 4.997699 |
| 1981:Q2 | 5.935349511 | 1.928649 | 1.272184 | 4.89406 |
| 1981:Q3 | 6.386136453 | 1.938103 | 1.235322 | 4.779781 |
| 1981:Q4 | 6.286744196 | 1.986869 | 1.201562 | 4.733296 |
| 1982:Q1 | 6.213493609 | 2.040125 | 1.218996 | 4.761703 |
| 1982:Q2 | 6.148907787 | 2.088544 | 1.258963 | 4.90662 |
| 1982:Q3 | 6.433703462 | 2.114631 | 1.257348 | 4.976323 |
| 1982:Q4 | 6.547690824 | 2.154427 | 1.237992 | 5.249407 |
| 1983:Q1 | 6.404836224 | 2.181042 | 1.311786 | 5.144415 |
| 1983:Q2 | 6.375369305 | 2.211942 | 1.298398 | 5.154719 |
| 1983:Q3 | 6.198971878 | 2.218778 | 1.285153 | 4.755065 |
| 1983:Q4 | 6.160405793 | 2.220099 | 1.282805 | 4.561494 |
| 1984:Q1 | 6.089869223 | 2.227132 | 1.272138 | 4.447137 |
| 1984:Q2 | 5.995070643 | 2.225154 | 1.256639 | 4.349637 |
| 1984:Q3 | 5.858167114 | 2.229094 | 1.250467 | 4.288287 |
| 1984:Q4 | 5.894962487 | 2.240756 | 1.259378 | 4.31739 |
| 1985:Q1 | 6.021698019 | 2.252745 | 1.274012 | 4.386052 |
| 1985:Q2 | 5.874757908 | 2.230471 | 1.265332 | 4.270497 |
| 1985:Q3 | 5.953987533 | 2.258852 | 1.288478 | 4.247799 |
| 1985:Q4 | 5.814430388 | 2.258889 | 1.296653 | 4.224375 |
| 1986:Q1 | 5.91238166 | 2.258524 | 1.302518 | 4.238599 |
| 1986:Q2 | 5.872462705 | 2.277452 | 1.317559 | 4.261433 |
| 1986:Q3 | 5.916284127 | 2.29524 | 1.331843 | 4.231094 |
| 1986:Q4 | 5.855734364 | 2.325512 | 1.354551 | 4.183524 |
| 1987:Q1 | 5.849311846 | 2.340901 | 1.358664 | 4.070109 |
| 1987:Q2 | 5.933225474 | 2.385645 | 1.391381 | 4.059421 |
| 1987:Q3 | 5.764662106 | 2.355669 | 1.385351 | 3.924206 |
| 1987:Q4 | 5.655886882 | 2.332353 | 1.383172 | 3.849923 |
| 1988:Q1 | 5.846591998 | 2.283868 | 1.393871 | 3.891338 |
| 1988:Q2 | 5.72386059 | 2.27882 | 1.399464 | 3.828418 |
| 1988:Q3 | 5.618655405 | 2.282087 | 1.408598 | 3.795609 |
| 1988:Q4 | 5.517401034 | 2.307277 | 1.425007 | 3.7863 |
| 1989:Q1 | 5.676164631 | 2.356902 | 1.442284 | 3.877079 |
| 1989:Q2 | 5.640387963 | 2.409848 | 1.482218 | 3.867197 |
| 1989:Q3 | 5.594989562 | 2.448729 | 1.520324 | 3.892914 |
| 1989:Q4 | 5.536348911 | 2.473225 | 1.556947 | 3.943138 |
| 1990:Q1 | 5.696456851 | 2.465313 | 1.574208 | 3.961519 |
| 1990:Q2 | 5.677293156 | 2.480032 | 1.637054 | 3.956407 |
| 1990:Q3 | 5.625416676 | 2.498908 | 1.721879 | 3.947217 |
| 1990:Q4 | 5.649588289 | 2.538884 | 1.845837 | 4.089661 |
| 1991:Q1 | 5.934590052 | 2.564161 | 1.900977 | 4.172155 |
| 1991:Q2 | 5.914292125 | 2.595917 | 2.088849 | 4.240521 |
| 1991:Q3 | 5.88666341 | 2.640227 | 2.185016 | 4.183506 |
| 1991:Q4 | 5.832331402 | 2.677888 | 2.459285 | 4.306482 |
| 1992:Q1 | 5.925894414 | 2.705577 | 2.303569 | 4.528438 |
| 1992:Q2 | 5.890840652 | 2.73944 | 2.413216 | 4.548306 |
| 1992:Q3 | 5.85083273 | 2.782663 | 2.495086 | 4.545361 |
| 1992:Q4 | 5.812620286 | 2.819295 | 2.473281 | 4.49613 |
| 1993:Q1 | 5.9827157 | 2.902305 | 2.51776 | 4.416199 |
| 1993:Q2 | 5.962391379 | 2.903931 | 2.504566 | 4.403058 |
| 1993:Q3 | 5.962817261 | 2.945464 | 2.699842 | 4.365277 |
| 1993:Q4 | 5.929578854 | 2.990433 | 2.68271 | 4.262748 |
| 1994:Q1 | 6.027600476 | 3.062599 | 2.666354 | 4.212293 |
| 1994:Q2 | 5.9890131 | 3.115516 | 2.633399 | 4.068226 |
| 1994:Q3 | 5.934211774 | 3.168073 | 2.582235 | 3.992796 |
| 1994:Q4 | 5.864507724 | 3.193747 | 2.750791 | 3.973572 |
| 1995:Q1 | 5.959304992 | 3.223676 | 2.798011 | 4.054823 |
| 1995:Q2 | 5.961590971 | 3.269318 | 2.776008 | 4.075726 |
| 1995:Q3 | 5.904974123 | 3.292122 | 2.744034 | 4.059445 |
| 1995:Q4 | 5.866657179 | 3.317561 | 2.502846 | 4.073573 |
| 1996:Q1 | 5.941617606 | 3.322119 | 2.651037 | 4.135128 |
| 1996:Q2 | 5.886409876 | 3.325977 | 2.858719 | 4.074278 |
| 1996:Q3 | 5.83536305 | 3.346903 | 2.704774 | 3.983921 |
| 1996:Q4 | 5.804833715 | 3.372829 | 2.640703 | 3.877743 |
| 1997:Q1 | 5.871227832 | 3.391011 | 2.677638 | 3.824012 |
| 1997:Q2 | 5.83988317 | 3.398257 | 2.615559 | 3.734637 |
| 1997:Q3 | 5.782263412 | 3.369078 | 2.647711 | 3.666683 |
| 1997:Q4 | 5.708426725 | 3.304879 | 2.670609 | 3.625988 |
| 1998:Q1 | 5.706369466 | 3.212751 | 2.602578 | 3.650146 |
| 1998:Q2 | 5.642306572 | 3.146023 | 2.605085 | 3.640989 |
| 1998:Q3 | 5.606388288 | 3.100377 | 2.542309 | 3.640296 |
| 1998:Q4 | 5.55455797 | 3.075058 | 2.624648 | 3.64069 |
| 1999:Q1 | 5.576923077 | 3.056213 | 2.678994 | 3.696746 |
| 1999:Q2 | 5.561508315 | 3.051564 | 2.628836 | 3.697398 |
| 1999:Q3 | 5.523082948 | 3.037115 | 2.707877 | 3.683989 |
| 1999:Q4 | 5.437933386 | 2.998181 | 2.718256 | 3.643287 |
| 2000:Q1 | 5.424042674 | 2.943493 | 2.628415 | 3.606816 |
| 2000:Q2 | 5.509945677 | 2.942178 | 2.699833 | 3.6025 |
| 2000:Q3 | 5.401899157 | 2.951719 | 2.739066 | 3.59235 |
| 2000:Q4 | 5.362019142 | 3.005117 | 2.714812 | 3.642726 |
| 2001:Q1 | 5.494118108 | 3.052578 | 2.807118 | 3.73412 |
| 2001:Q2 | 5.497463909 | 3.126544 | 2.992587 | 3.826245 |
| 2001:Q3 | 5.438825904 | 3.120596 | 2.760039 | 3.816319 |
| 2001:Q4 | 5.504598941 | 3.215405 | 3.16659 | 3.981039 |
| 2002:Q1 | 5.544428031 | 3.177186 | 3.065772 | 3.984627 |
| 2002:Q2 | 5.506458192 | 3.180273 | 3.013411 | 4.141895 |
| 2002:Q3 | 5.517929268 | 3.212738 | 3.09206 | 4.08211 |
| 2002:Q4 | 5.504318548 | 3.229151 | 3.175475 | 4.018445 |
| 2003:Q1 | 5.533878547 | 3.245914 | 3.149273 | 4.061318 |
| 2003:Q2 | 5.509684481 | 3.252748 | 3.094513 | 4.090325 |
| 2003:Q3 | 5.407732313 | 3.247199 | 3.161103 | 4.025549 |
| 2003:Q4 | 5.402317422 | 3.297249 | 3.06643 | 3.97124 |
| 2004:Q1 | 5.454545455 | 3.332765 | 3.222469 | 3.89448 |
| 2004:Q2 | 5.420696595 | 3.359982 | 3.276122 | 3.779281 |
| 2004:Q3 | 5.376593792 | 3.412622 | 3.188137 | 3.776443 |
| 2004:Q4 | 5.32498212 | 3.418868 | 3.191305 | 3.732039 |
| 2005:Q1 | 5.513465265 | 3.518168 | 3.279777 | 3.900246 |
| 2005:Q2 | 5.502746545 | 3.531886 | 3.334478 | 3.863402 |
| 2005:Q3 | 5.426864033 | 3.539076 | 3.168486 | 3.993074 |
| 2005:Q4 | 5.376958564 | 3.543078 | 3.173185 | 3.878683 |
| 2006:Q1 | 5.439948229 | 3.938401 | 2.945459 | 3.747295 |
| 2006:Q2 | 5.447295388 | 3.963491 | 2.954584 | 3.710012 |
| 2006:Q3 | 5.417013848 | 3.989604 | 3.062135 | 3.691029 |
| 2006:Q4 | 5.380805257 | 4.015497 | 2.956206 | 3.687902 |
| 2007:Q1 | 5.486580421 | 4.025874 | 3.212975 | 3.75169 |
| 2007:Q2 | 5.496869175 | 4.061947 | 3.002725 | 3.770374 |
| 2007:Q3 | 5.481971689 | 4.105316 | 3.032056 | 3.810454 |
| 2007:Q4 | 5.450094727 | 4.138921 | 3.094108 | 3.865056 |
| 2008:Q1 | 5.514624418 | 4.152818 | 3.065219 | 3.92385 |
| 2008:Q2 | 5.394885194 | 4.102761 | 3.029869 | 6.693273 |
| 2008:Q3 | 5.520549063 | 4.236743 | 3.091653 | 4.769849 |
| 2008:Q4 | 5.603487671 | 4.351363 | 3.123915 | 4.567971 |
| 2009:Q1 | 6.003370507 | 4.465462 | 3.294072 | 5.021687 |
| 2009:Q2 | 6.02993118 | 4.482394 | 3.354513 | 5.956196 |
| 2009:Q3 | 6.109027714 | 4.558676 | 3.458337 | 5.798043 |
| 2009:Q4 | 6.14663877 | 4.57382 | 3.38943 | 5.851906 |
| 2010:Q1 | 6.148621111 | 4.57456 | 3.456958 | 6.660327 |
| 2010:Q2 | 6.154890334 | 4.560799 | 3.440916 | 6.460313 |
| 2010:Q3 | 6.145286045 | 4.577069 | 3.591838 | 6.384506 |
| 2010:Q4 | 6.117787094 | 4.576525 | 3.624286 | 6.274451 |
| 2011:Q1 | 6.034053655 | 4.536482 | 3.594171 | 6.123307 |
| 2011:Q2 | 6.058697891 | 4.542322 | 3.478646 | 6.017853 |
| 2011:Q3 | 6.028661401 | 4.534968 | 3.335972 | 5.919202 |
| 2011:Q4 | 6.052880947 | 4.553497 | 3.344263 | 5.859169 |
| 2012:Q1 | 6.178835111 | 4.492207 | 3.28466 | 5.268253 |
| 2012:Q2 | 6.16331069 | 4.488974 | 3.417659 | 5.11959 |
| 2012:Q3 | 6.192434077 | 4.525956 | 3.39123 | 5.060136 |
| 2012:Q4 | 6.046391227 | 4.435171 | 3.36207 | 4.8972 |
| 2013:Q1 | 6.443271639 | 4.665846 | 3.465124 | 5.047597 |
| 2013:Q2 | 6.445415414 | 4.610932 | 3.545749 | 4.99923 |
| 2013:Q3 | 6.443816345 | 4.624291 | 3.59569 | 4.917375 |
| 2013:Q4 | 6.451895997 | 4.652833 | 3.579777 | 4.861061 |
| 2014:Q1 | 6.47463936 | 4.631586 | 3.608365 | 4.752519 |
| 2014:Q2 | 6.431917997 | 4.604923 | 3.717283 | 4.777048 |
| 2014:Q3 | 6.376626146 | 4.602718 | 3.864668 | 4.73677 |
| 2014:Q4 | 6.338223915 | 4.60511 | 3.873401 | 4.695259 |
| 2015:Q1 | 6.431002568 | 4.644862 | 3.911148 | 4.758315 |
| 2015:Q2 | 6.401119128 | 4.643646 | 3.962598 | 4.744515 |
| 2015:Q3 | 6.388901065 | 4.660354 | 3.948772 | 4.712956 |
| 2015:Q4 | 6.39178696 | 4.667687 | 3.925265 | 4.673487 |
| 2016:Q1 | 6.411471484 | 4.693932 | 3.974794 | 4.742405 |
| 2016:Q2 | 6.404286717 | 4.681433 | 3.997306 | 4.69003 |
| 2016:Q3 | 6.406157658 | 4.686599 | 4.035801 | 4.647437 |
| 2016:Q4 | 6.449087091 | 4.718653 | 4.112895 | 4.621134 |
| 2017:Q1 | 6.439436541 | 4.691278 | 4.086768 | 4.688467 |
| 2017:Q2 | 6.438918195 | 4.68545 | 4.028859 | 4.641492 |
| 2017:Q3 | 6.456674327 | 4.696016 | 4.058679 | 4.625895 |
Note: "Other" includes unemployment insurance, food stamps, and the 2008 tax rebates. Gray shaded areas indicate recession periods as dated by the National Bureau of Economic Research (NBER).
Source: Financial Accounts of the United States.
Figure 3: Household Wealth Components
Fraction of Disposable Personal Income
| Period | Net Housing | Pension Entitlements | Equities and Mutual Funds | Other |
|---|---|---|---|---|
| 1960:Q1 | 1.081083916 | 0.729800968 | 0.966654115 | 2.618899946 |
| 1960:Q2 | 1.073701143 | 0.737311885 | 0.973589471 | 2.595748471 |
| 1960:Q3 | 1.076774194 | 0.747046536 | 0.903001058 | 2.610052882 |
| 1960:Q4 | 1.069820911 | 0.759101923 | 1.004948644 | 2.621477482 |
| 1961:Q1 | 1.047474616 | 0.764824265 | 1.100234314 | 2.610981515 |
| 1961:Q2 | 1.052171795 | 0.767851282 | 1.084697436 | 2.591907692 |
| 1961:Q3 | 1.051011094 | 0.768603127 | 1.093381241 | 2.582372668 |
| 1961:Q4 | 1.043590314 | 0.76675315 | 1.151697554 | 2.558816407 |
| 1962:Q1 | 1.043799659 | 0.762266634 | 1.11145747 | 2.557319035 |
| 1962:Q2 | 1.032862293 | 0.756515261 | 0.836447969 | 2.542304734 |
| 1962:Q3 | 1.026645207 | 0.757274678 | 0.875546018 | 2.559520744 |
| 1962:Q4 | 1.025917983 | 0.756255008 | 1.065611596 | 2.555906198 |
| 1963:Q1 | 1.025337838 | 0.759911463 | 1.113226934 | 2.550170084 |
| 1963:Q2 | 1.007496542 | 0.765714615 | 1.154006455 | 2.537736284 |
| 1963:Q3 | 1.004411164 | 0.766732471 | 1.183410483 | 2.518892671 |
| 1963:Q4 | 0.98668743 | 0.765014461 | 1.100587319 | 2.501519466 |
| 1964:Q1 | 0.958528007 | 0.76034086 | 1.141717325 | 2.465471125 |
| 1964:Q2 | 0.950170886 | 0.753459916 | 1.143959916 | 2.420827004 |
| 1964:Q3 | 0.93779946 | 0.755362259 | 1.164305584 | 2.422233755 |
| 1964:Q4 | 0.941415712 | 0.758432897 | 1.17138707 | 2.420353928 |
| 1965:Q1 | 0.934548569 | 0.761382507 | 1.184161628 | 2.420346634 |
| 1965:Q2 | 0.921602221 | 0.764035296 | 1.118100337 | 2.403880627 |
| 1965:Q3 | 0.895970006 | 0.756483369 | 1.178879062 | 2.367752355 |
| 1965:Q4 | 0.895973318 | 0.754746336 | 1.222296129 | 2.357371289 |
| 1966:Q1 | 0.872823117 | 0.757182422 | 1.16670421 | 2.354451625 |
| 1966:Q2 | 0.911021005 | 0.765727854 | 1.106255708 | 2.369786301 |
| 1966:Q3 | 0.892367479 | 0.765988539 | 0.974297994 | 2.365983166 |
| 1966:Q4 | 0.906715264 | 0.768735289 | 1.022508344 | 2.362696294 |
| 1967:Q1 | 0.895770492 | 0.771782571 | 1.131549612 | 2.355849871 |
| 1967:Q2 | 0.896009886 | 0.778774501 | 1.128798364 | 2.354934379 |
| 1967:Q3 | 0.891644638 | 0.780788021 | 1.174487201 | 2.360982098 |
| 1967:Q4 | 0.902910079 | 0.784033267 | 1.194171607 | 2.353577075 |
| 1968:Q1 | 0.910711424 | 0.779091492 | 1.078920045 | 2.355922128 |
| 1968:Q2 | 0.908795444 | 0.779171478 | 1.193083164 | 2.326186613 |
| 1968:Q3 | 0.910947466 | 0.7877723 | 1.195771068 | 2.342215375 |
| 1968:Q4 | 0.948351998 | 0.793554782 | 1.308812046 | 2.348320218 |
| 1969:Q1 | 0.971624047 | 0.802123523 | 1.224884103 | 2.361187378 |
| 1969:Q2 | 0.968374708 | 0.803049065 | 1.139125292 | 2.33192757 |
| 1969:Q3 | 0.947174742 | 0.795989547 | 1.072296935 | 2.284562791 |
| 1969:Q4 | 0.956055148 | 0.800672024 | 0.987853679 | 2.282183733 |
| 1970:Q1 | 0.946459577 | 0.808015464 | 0.935729788 | 2.264139989 |
| 1970:Q2 | 0.965078902 | 0.807203289 | 0.724773903 | 2.2522013 |
| 1970:Q3 | 0.935409878 | 0.810121541 | 0.821933023 | 2.230568916 |
| 1970:Q4 | 0.945980292 | 0.824127208 | 0.88906322 | 2.25005247 |
| 1971:Q1 | 0.947475764 | 0.823625404 | 0.948487447 | 2.250013671 |
| 1971:Q2 | 0.9484498 | 0.82441807 | 0.919284244 | 2.235658229 |
| 1971:Q3 | 0.956115486 | 0.834238845 | 0.886962539 | 2.244495347 |
| 1971:Q4 | 0.95907759 | 0.842695734 | 0.933813877 | 2.239422175 |
| 1972:Q1 | 0.987319326 | 0.855210113 | 0.970996306 | 2.267244285 |
| 1972:Q2 | 0.986304965 | 0.866954891 | 0.949752301 | 2.266478809 |
| 1972:Q3 | 0.99251409 | 0.867838435 | 0.945389546 | 2.259632004 |
| 1972:Q4 | 0.998442969 | 0.852287582 | 1.030747417 | 2.207131562 |
| 1973:Q1 | 1.004411004 | 0.847709174 | 0.934649912 | 2.230183059 |
| 1973:Q2 | 1.014581236 | 0.836586471 | 0.837587075 | 2.232714918 |
| 1973:Q3 | 1.04148622 | 0.832635827 | 0.868613189 | 2.250399606 |
| 1973:Q4 | 1.040272849 | 0.817240985 | 0.703649113 | 2.240801374 |
| 1974:Q1 | 1.010293896 | 0.825798794 | 0.66493783 | 2.269360399 |
| 1974:Q2 | 0.981087379 | 0.827931577 | 0.582017568 | 2.274422561 |
| 1974:Q3 | 0.957115229 | 0.819096879 | 0.422704866 | 2.292419718 |
| 1974:Q4 | 0.964740448 | 0.820430391 | 0.418837945 | 2.309176109 |
| 1975:Q1 | 1.000557043 | 0.831570947 | 0.505465066 | 2.322675533 |
| 1975:Q2 | 0.984469629 | 0.80901753 | 0.544596005 | 2.253730942 |
| 1975:Q3 | 0.971340859 | 0.823530415 | 0.472335743 | 2.291718509 |
| 1975:Q4 | 0.971160523 | 0.824776853 | 0.494132382 | 2.29098375 |
| 1976:Q1 | 0.967020535 | 0.822905076 | 0.558384347 | 2.288726075 |
| 1976:Q2 | 0.998277655 | 0.825345157 | 0.565040899 | 2.319860867 |
| 1976:Q3 | 0.990835015 | 0.821113105 | 0.559209838 | 2.317540555 |
| 1976:Q4 | 0.997111713 | 0.818371498 | 0.565220572 | 2.328583656 |
| 1977:Q1 | 1.019298447 | 0.820633266 | 0.511406699 | 2.349942496 |
| 1977:Q2 | 1.042495463 | 0.814598632 | 0.511052632 | 2.323826609 |
| 1977:Q3 | 1.046526922 | 0.807303759 | 0.475314595 | 2.316330511 |
| 1977:Q4 | 1.053591222 | 0.797867671 | 0.439780544 | 2.304719948 |
| 1978:Q1 | 1.065564016 | 0.797848231 | 0.4046868 | 2.328191823 |
| 1978:Q2 | 1.082758706 | 0.794439133 | 0.417651623 | 2.319706375 |
| 1978:Q3 | 1.093298001 | 0.795574803 | 0.433440339 | 2.329974561 |
| 1978:Q4 | 1.102253023 | 0.791202005 | 0.401774698 | 2.337312297 |
| 1979:Q1 | 1.128848599 | 0.787878215 | 0.413184969 | 2.347210861 |
| 1979:Q2 | 1.163821362 | 0.790944935 | 0.41363575 | 2.375657236 |
| 1979:Q3 | 1.169684786 | 0.787308932 | 0.426593827 | 2.379108987 |
| 1979:Q4 | 1.167962294 | 0.788758364 | 0.428187467 | 2.391996283 |
| 1980:Q1 | 1.174857657 | 0.780653649 | 0.382991264 | 2.379426002 |
| 1980:Q2 | 1.198878652 | 0.800737046 | 0.433554413 | 2.419423292 |
| 1980:Q3 | 1.205235381 | 0.799787715 | 0.471269287 | 2.407420147 |
| 1980:Q4 | 1.169784592 | 0.788704261 | 0.499731916 | 2.375193303 |
| 1981:Q1 | 1.158912103 | 0.792139899 | 0.49116659 | 2.375561436 |
| 1981:Q2 | 1.210185168 | 0.797887993 | 0.473599239 | 2.381502626 |
| 1981:Q3 | 1.205394823 | 0.7842922 | 0.386552883 | 2.348554716 |
| 1981:Q4 | 1.203960863 | 0.790917049 | 0.411013603 | 2.371969274 |
| 1982:Q1 | 1.225760603 | 0.798075849 | 0.349231355 | 2.388911369 |
| 1982:Q2 | 1.215654077 | 0.806703352 | 0.331519927 | 2.387376605 |
| 1982:Q3 | 1.19648514 | 0.817501633 | 0.347686561 | 2.373845934 |
| 1982:Q4 | 1.189141445 | 0.829086378 | 0.414577756 | 2.363618715 |
| 1983:Q1 | 1.190694615 | 0.842900549 | 0.448279663 | 2.368984156 |
| 1983:Q2 | 1.17803141 | 0.86171513 | 0.494372182 | 2.357430026 |
| 1983:Q3 | 1.150189749 | 0.858459707 | 0.469168053 | 2.333679317 |
| 1983:Q4 | 1.124548261 | 0.855115416 | 0.436158568 | 2.29392928 |
| 1984:Q1 | 1.143197449 | 0.850943591 | 0.400462531 | 2.252843602 |
| 1984:Q2 | 1.148557989 | 0.845033846 | 0.367851564 | 2.238706564 |
| 1984:Q3 | 1.156415101 | 0.853671209 | 0.381343912 | 2.223103062 |
| 1984:Q4 | 1.169085946 | 0.866328376 | 0.378142417 | 2.221939644 |
| 1985:Q1 | 1.181037457 | 0.888841445 | 0.399951561 | 2.253547991 |
| 1985:Q2 | 1.185686249 | 0.885465139 | 0.417767269 | 2.209580052 |
| 1985:Q3 | 1.213645974 | 0.896458454 | 0.395212069 | 2.227286807 |
| 1985:Q4 | 1.227143894 | 0.899558002 | 0.456293656 | 2.217491245 |
| 1986:Q1 | 1.226319535 | 0.908801436 | 0.515379308 | 2.214118557 |
| 1986:Q2 | 1.237596906 | 0.91907404 | 0.53953381 | 2.221950355 |
| 1986:Q3 | 1.243118507 | 0.920750785 | 0.499883124 | 2.237117057 |
| 1986:Q4 | 1.252264077 | 0.9399062 | 0.560673679 | 2.275519194 |
| 1987:Q1 | 1.257557346 | 0.952053288 | 0.653434008 | 2.265591107 |
| 1987:Q2 | 1.276374467 | 0.974287101 | 0.651562289 | 2.312355052 |
| 1987:Q3 | 1.263554684 | 0.977050119 | 0.657288834 | 2.295156711 |
| 1987:Q4 | 1.254460311 | 0.954569229 | 0.523669047 | 2.304897942 |
| 1988:Q1 | 1.251964564 | 0.958018457 | 0.544614289 | 2.302415587 |
| 1988:Q2 | 1.255158177 | 0.958896515 | 0.555513941 | 2.289015818 |
| 1988:Q3 | 1.247294547 | 0.953549563 | 0.544524303 | 2.280513076 |
| 1988:Q4 | 1.240252849 | 0.953987705 | 0.560139671 | 2.298577051 |
| 1989:Q1 | 1.234226846 | 0.957441077 | 0.5684356 | 2.286585004 |
| 1989:Q2 | 1.241481721 | 0.975982094 | 0.594602338 | 2.284002736 |
| 1989:Q3 | 1.259106472 | 0.990950018 | 0.630478202 | 2.287691514 |
| 1989:Q4 | 1.253350095 | 1.003430844 | 0.638069289 | 2.280634625 |
| 1990:Q1 | 1.229713995 | 0.996234429 | 0.593244853 | 2.26786702 |
| 1990:Q2 | 1.205555504 | 1.002775773 | 0.60684838 | 2.250381203 |
| 1990:Q3 | 1.189032162 | 0.998222718 | 0.50597531 | 2.252635923 |
| 1990:Q4 | 1.169892955 | 1.016606587 | 0.559766697 | 2.277421775 |
| 1991:Q1 | 1.16096139 | 1.034436293 | 0.641023393 | 2.294078583 |
| 1991:Q2 | 1.140790891 | 1.040257797 | 0.630910702 | 2.260790891 |
| 1991:Q3 | 1.12628836 | 1.052638007 | 0.666255052 | 2.230508061 |
| 1991:Q4 | 1.106557219 | 1.061777681 | 0.755373483 | 2.199613072 |
| 1992:Q1 | 1.085572383 | 1.052624963 | 0.719813247 | 2.141708002 |
| 1992:Q2 | 1.064525303 | 1.059677541 | 0.708671058 | 2.094754078 |
| 1992:Q3 | 1.056042826 | 1.07661922 | 0.729371263 | 2.076259853 |
| 1992:Q4 | 1.048614922 | 1.096210843 | 0.801334917 | 2.063333402 |
| 1993:Q1 | 1.035488879 | 1.109764213 | 0.824670202 | 2.050426845 |
| 1993:Q2 | 1.032642236 | 1.120460575 | 0.834500793 | 2.043466255 |
| 1993:Q3 | 1.03452623 | 1.137406594 | 0.869940492 | 2.033935539 |
| 1993:Q4 | 1.030992603 | 1.140894566 | 0.899720683 | 2.027952461 |
| 1994:Q1 | 1.028068162 | 1.1429732 | 0.853437177 | 2.051093479 |
| 1994:Q2 | 1.020857055 | 1.141912719 | 0.824718797 | 2.041688756 |
| 1994:Q3 | 1.014362878 | 1.14923879 | 0.832441369 | 2.03392132 |
| 1994:Q4 | 0.999773683 | 1.136239903 | 0.809415969 | 2.039221106 |
| 1995:Q1 | 0.98987964 | 1.146789351 | 0.850846926 | 2.031084344 |
| 1995:Q2 | 0.986884136 | 1.167459543 | 0.901342678 | 2.025258396 |
| 1995:Q3 | 0.981643365 | 1.183229227 | 0.956231671 | 2.012430995 |
| 1995:Q4 | 0.981121567 | 1.197100825 | 1.015454141 | 2.005362352 |
| 1996:Q1 | 0.974682156 | 1.203515735 | 1.045481847 | 2.010058347 |
| 1996:Q2 | 0.966514535 | 1.203677023 | 1.069737405 | 1.988063726 |
| 1996:Q3 | 0.960611299 | 1.210026911 | 1.067984023 | 1.975826506 |
| 1996:Q4 | 0.957697253 | 1.233723576 | 1.048076107 | 1.972636159 |
| 1997:Q1 | 0.963873451 | 1.229946414 | 1.035737014 | 1.975432089 |
| 1997:Q2 | 0.963052196 | 1.268473656 | 1.195001067 | 1.951814975 |
| 1997:Q3 | 0.959038608 | 1.293267019 | 1.284824753 | 1.944733692 |
| 1997:Q4 | 0.966989683 | 1.280271194 | 1.276958526 | 1.939303893 |
| 1998:Q1 | 0.975418716 | 1.308718791 | 1.411228909 | 1.936129755 |
| 1998:Q2 | 0.981061649 | 1.308965935 | 1.422528464 | 1.915288628 |
| 1998:Q3 | 0.994708035 | 1.271602063 | 1.234410097 | 1.912888039 |
| 1998:Q4 | 1.009344287 | 1.329306279 | 1.457383731 | 1.916906686 |
| 1999:Q1 | 1.01796642 | 1.338480325 | 1.463138462 | 1.922326331 |
| 1999:Q2 | 1.028057655 | 1.364485755 | 1.576127787 | 1.909418456 |
| 1999:Q3 | 1.043262216 | 1.343093246 | 1.470505461 | 1.922929932 |
| 1999:Q4 | 1.050491361 | 1.379285694 | 1.743537143 | 1.932803228 |
| 2000:Q1 | 1.065819549 | 1.37323881 | 1.779878253 | 1.89909263 |
| 2000:Q2 | 1.090487005 | 1.356368364 | 1.646492668 | 1.875698103 |
| 2000:Q3 | 1.120782266 | 1.349871473 | 1.601704694 | 1.876198743 |
| 2000:Q4 | 1.156632997 | 1.324869562 | 1.384034704 | 1.911180572 |
| 2001:Q1 | 1.181417138 | 1.280923216 | 1.185482106 | 1.925430272 |
| 2001:Q2 | 1.201172324 | 1.307970998 | 1.274718299 | 1.929160099 |
| 2001:Q3 | 1.202067617 | 1.252488479 | 1.030155522 | 1.907871063 |
| 2001:Q4 | 1.228805945 | 1.303213992 | 1.183117774 | 1.943822902 |
| 2002:Q1 | 1.216794522 | 1.294385343 | 1.15813237 | 1.925896322 |
| 2002:Q2 | 1.225113034 | 1.258353501 | 1.019431185 | 1.897325011 |
| 2002:Q3 | 1.244412989 | 1.231420427 | 0.822231184 | 1.905384691 |
| 2002:Q4 | 1.252727273 | 1.250520544 | 0.877070463 | 1.919586688 |
| 2003:Q1 | 1.266171827 | 1.248625892 | 0.816443145 | 1.941448883 |
| 2003:Q2 | 1.259673654 | 1.277352115 | 0.95712083 | 1.920880764 |
| 2003:Q3 | 1.25591686 | 1.26820991 | 0.986801899 | 1.901322032 |
| 2003:Q4 | 1.281740259 | 1.302539585 | 1.110315876 | 1.942429023 |
| 2004:Q1 | 1.315167889 | 1.311599181 | 1.134489169 | 2.051191313 |
| 2004:Q2 | 1.34904165 | 1.313423156 | 1.10060312 | 2.081250741 |
| 2004:Q3 | 1.389701534 | 1.319566953 | 1.076597331 | 2.097795508 |
| 2004:Q4 | 1.41506426 | 1.345578336 | 1.161004638 | 2.125179342 |
| 2005:Q1 | 1.487336447 | 1.361995189 | 1.158928222 | 2.186510352 |
| 2005:Q2 | 1.528995151 | 1.369167453 | 1.167706635 | 2.204198137 |
| 2005:Q3 | 1.562851004 | 1.377470173 | 1.21035074 | 2.203179572 |
| 2005:Q4 | 1.596935913 | 1.383305972 | 1.205908732 | 2.249194651 |
| 2006:Q1 | 1.577384679 | 1.371532994 | 1.31534935 | 2.252711076 |
| 2006:Q2 | 1.54428039 | 1.369525002 | 1.265867991 | 2.265845448 |
| 2006:Q3 | 1.50562929 | 1.383512677 | 1.29465758 | 2.244959529 |
| 2006:Q4 | 1.480737678 | 1.404083076 | 1.380778677 | 2.250527193 |
| 2007:Q1 | 1.427276212 | 1.399794169 | 1.411128403 | 2.264631975 |
| 2007:Q2 | 1.346461259 | 1.420371015 | 1.452801491 | 2.257610344 |
| 2007:Q3 | 1.265410863 | 1.429490675 | 1.443163558 | 2.274690869 |
| 2007:Q4 | 1.183173829 | 1.415736621 | 1.352296243 | 2.281086267 |
| 2008:Q1 | 1.070300336 | 1.372241395 | 1.211467335 | 2.252637935 |
| 2008:Q2 | 0.946012581 | 1.336194409 | 1.132393919 | 2.182556866 |
| 2008:Q3 | 0.88854375 | 1.329568529 | 0.997453693 | 2.267117873 |
| 2008:Q4 | 0.809345788 | 1.288349023 | 0.767407644 | 2.27211015 |
| 2009:Q1 | 0.759646373 | 1.286955216 | 0.680056359 | 2.326910737 |
| 2009:Q2 | 0.728981812 | 1.319160598 | 0.829917798 | 2.201268525 |
| 2009:Q3 | 0.728095948 | 1.376503521 | 0.990054422 | 2.142278972 |
| 2009:Q4 | 0.734245975 | 1.393337669 | 1.020185846 | 2.133432912 |
| 2010:Q1 | 0.738046461 | 1.425573065 | 1.064222796 | 2.115291582 |
| 2010:Q2 | 0.735807316 | 1.401442363 | 0.951527292 | 2.086601504 |
| 2010:Q3 | 0.710834079 | 1.44745807 | 1.06672216 | 2.048720441 |
| 2010:Q4 | 0.709055113 | 1.479336671 | 1.155817762 | 2.076742344 |
| 2011:Q1 | 0.691637545 | 1.47812293 | 1.206409176 | 2.053437548 |
| 2011:Q2 | 0.688325689 | 1.476864369 | 1.194280572 | 2.053072151 |
| 2011:Q3 | 0.692117946 | 1.42561617 | 0.991741576 | 2.058544954 |
| 2011:Q4 | 0.699559158 | 1.45315575 | 1.063339231 | 2.06468809 |
| 2012:Q1 | 0.706338884 | 1.468674897 | 1.176286054 | 2.019331911 |
| 2012:Q2 | 0.738969508 | 1.449547369 | 1.121276732 | 2.013691656 |
| 2012:Q3 | 0.774956375 | 1.474153568 | 1.189397996 | 2.030412694 |
| 2012:Q4 | 0.783701414 | 1.440713675 | 1.163095677 | 2.001536856 |
| 2013:Q1 | 0.860318289 | 1.535082019 | 1.350674671 | 2.102082419 |
| 2013:Q2 | 0.907085498 | 1.536870597 | 1.35819316 | 2.135506287 |
| 2013:Q3 | 0.944202573 | 1.555316931 | 1.422779393 | 2.150835086 |
| 2013:Q4 | 0.976153355 | 1.585329775 | 1.515270976 | 2.172619532 |
| 2014:Q1 | 0.98437472 | 1.575275594 | 1.546397289 | 2.147810637 |
| 2014:Q2 | 0.987273864 | 1.572008151 | 1.602848708 | 2.096137916 |
| 2014:Q3 | 0.999716814 | 1.552850288 | 1.552826753 | 2.094472778 |
| 2014:Q4 | 1.020330772 | 1.549291429 | 1.588746403 | 2.097992382 |
| 2015:Q1 | 1.051946393 | 1.554868484 | 1.620891428 | 2.121613199 |
| 2015:Q2 | 1.059043808 | 1.539419379 | 1.592888455 | 2.113004197 |
| 2015:Q3 | 1.076715177 | 1.504619515 | 1.445678122 | 2.138843715 |
| 2015:Q4 | 1.087487004 | 1.516079738 | 1.493523458 | 2.158923489 |
| 2016:Q1 | 1.103344354 | 1.526715767 | 1.495652687 | 2.154729021 |
| 2016:Q2 | 1.113356305 | 1.529638738 | 1.519101107 | 2.107784217 |
| 2016:Q3 | 1.138139388 | 1.543805743 | 1.573301055 | 2.133836859 |
| 2016:Q4 | 1.161987686 | 1.554205645 | 1.610799089 | 2.199859843 |
| 2017:Q1 | 1.170373742 | 1.564122477 | 1.676188706 | 2.191200304 |
| 2017:Q2 | 1.192507117 | 1.572369938 | 1.715588141 | 2.161997404 |
| 2017:Q3 | 1.209143206 | 1.587804245 | 1.777488701 | 2.155722002 |
Note: "Other" includes check and savings deposits, consumer durables, and holdings of noncorporate equity. Gray shaded areas indicate recession periods as dated by the National Bureau of Economic Research (NBER).
Source: Financial Accounts of the United States.
Figure 4: Consumer Sentiment and Expectations
| Period | Headline Sentiment (Index) | Income Expectations (Median Increase) |
|---|---|---|
| January 1996 | 89.500000 | 2.433333 |
| February 1996 | 89.600000 | 2.366667 |
| March 1996 | 90.500000 | 2.633333 |
| April 1996 | 91.633333 | 2.533333 |
| May 1996 | 91.933333 | 2.500000 |
| June 1996 | 91.500000 | 2.233333 |
| July 1996 | 92.166667 | 2.300000 |
| August 1996 | 94.133333 | 2.466667 |
| September 1996 | 94.900000 | 2.733333 |
| October 1996 | 95.500000 | 2.800000 |
| November 1996 | 96.800000 | 2.766667 |
| December 1996 | 97.533333 | 2.633333 |
| January 1997 | 97.833333 | 2.633333 |
| February 1997 | 98.000000 | 2.766667 |
| March 1997 | 99.033333 | 2.766667 |
| April 1997 | 100.366667 | 2.733333 |
| May 1997 | 101.533333 | 2.666667 |
| June 1997 | 103.033333 | 2.700000 |
| July 1997 | 104.933333 | 2.700000 |
| August 1997 | 105.333333 | 2.600000 |
| September 1997 | 105.833333 | 2.433333 |
| October 1997 | 105.333333 | 2.466667 |
| November 1997 | 106.266667 | 2.566667 |
| December 1997 | 104.966667 | 2.733333 |
| January 1998 | 105.300000 | 2.700000 |
| February 1998 | 106.366667 | 2.833333 |
| March 1998 | 107.833333 | 2.700000 |
| April 1998 | 108.533333 | 2.700000 |
| May 1998 | 107.233333 | 2.466667 |
| June 1998 | 106.933333 | 2.566667 |
| July 1998 | 105.766667 | 2.600000 |
| August 1998 | 105.066667 | 2.733333 |
| September 1998 | 103.500000 | 2.866667 |
| October 1998 | 100.900000 | 2.766667 |
| November 1998 | 100.333333 | 2.700000 |
| December 1998 | 100.200000 | 2.666667 |
| January 1999 | 102.366667 | 2.733333 |
| February 1999 | 104.166667 | 2.766667 |
| March 1999 | 105.900000 | 2.766667 |
| April 1999 | 106.133333 | 2.733333 |
| May 1999 | 105.700000 | 2.766667 |
| June 1999 | 106.233333 | 2.900000 |
| July 1999 | 106.700000 | 3.033333 |
| August 1999 | 105.933333 | 3.166667 |
| September 1999 | 105.900000 | 3.133333 |
| October 1999 | 104.966667 | 3.133333 |
| November 1999 | 105.866667 | 3.033333 |
| December 1999 | 105.266667 | 2.900000 |
| January 2000 | 108.200000 | 2.966667 |
| February 2000 | 109.566667 | 3.000000 |
| March 2000 | 110.133333 | 3.166667 |
| April 2000 | 109.200000 | 3.100000 |
| May 2000 | 109.000000 | 3.066667 |
| June 2000 | 108.766667 | 3.000000 |
| July 2000 | 108.466667 | 3.000000 |
| August 2000 | 107.333333 | 3.000000 |
| September 2000 | 107.466667 | 3.100000 |
| October 2000 | 106.633333 | 3.066667 |
| November 2000 | 106.733333 | 3.133333 |
| December 2000 | 103.933333 | 3.000000 |
| January 2001 | 100.233333 | 2.966667 |
| February 2001 | 94.566667 | 2.933333 |
| March 2001 | 92.266667 | 3.000000 |
| April 2001 | 90.166667 | 2.900000 |
| May 2001 | 90.633333 | 2.866667 |
| June 2001 | 91.000000 | 2.633333 |
| July 2001 | 92.333333 | 2.533333 |
| August 2001 | 92.166667 | 2.466667 |
| September 2001 | 88.566667 | 2.266667 |
| October 2001 | 85.333333 | 2.100000 |
| November 2001 | 82.800000 | 1.900000 |
| December 2001 | 85.133333 | 2.266667 |
| January 2002 | 88.566667 | 2.566667 |
| February 2002 | 90.833333 | 2.866667 |
| March 2002 | 93.133333 | 2.666667 |
| April 2002 | 93.133333 | 2.700000 |
| May 2002 | 95.200000 | 2.566667 |
| June 2002 | 94.100000 | 2.733333 |
| July 2002 | 92.466667 | 2.866667 |
| August 2002 | 89.366667 | 2.833333 |
| September 2002 | 87.266667 | 2.800000 |
| October 2002 | 84.766667 | 2.600000 |
| November 2002 | 83.633333 | 2.566667 |
| December 2002 | 83.833333 | 2.600000 |
| January 2003 | 84.433333 | 2.533333 |
| February 2003 | 83.000000 | 2.400000 |
| March 2003 | 79.966667 | 2.333333 |
| April 2003 | 81.166667 | 2.366667 |
| May 2003 | 85.233333 | 2.533333 |
| June 2003 | 89.266667 | 2.533333 |
| July 2003 | 90.900000 | 2.800000 |
| August 2003 | 89.966667 | 2.733333 |
| September 2003 | 89.300000 | 2.666667 |
| October 2003 | 88.866667 | 2.266667 |
| November 2003 | 90.333333 | 2.333333 |
| December 2003 | 91.966667 | 2.433333 |
| January 2004 | 96.700000 | 2.666667 |
| February 2004 | 96.933333 | 2.666667 |
| March 2004 | 98.000000 | 2.666667 |
| April 2004 | 94.800000 | 2.466667 |
| May 2004 | 93.400000 | 2.433333 |
| June 2004 | 93.333333 | 2.433333 |
| July 2004 | 94.166667 | 2.566667 |
| August 2004 | 96.066667 | 2.633333 |
| September 2004 | 95.600000 | 2.533333 |
| October 2004 | 93.933333 | 2.433333 |
| November 2004 | 92.900000 | 2.433333 |
| December 2004 | 93.866667 | 2.566667 |
| January 2005 | 95.133333 | 2.800000 |
| February 2005 | 95.566667 | 2.766667 |
| March 2005 | 94.066667 | 2.633333 |
| April 2005 | 91.466667 | 2.333333 |
| May 2005 | 89.066667 | 2.233333 |
| June 2005 | 90.200000 | 2.033333 |
| July 2005 | 93.133333 | 2.266667 |
| August 2005 | 93.866667 | 2.200000 |
| September 2005 | 87.500000 | 2.333333 |
| October 2005 | 80.066667 | 2.266667 |
| November 2005 | 77.566667 | 2.333333 |
| December 2005 | 82.433333 | 2.566667 |
| January 2006 | 88.100000 | 2.500000 |
| February 2006 | 89.800000 | 2.466667 |
| March 2006 | 88.933333 | 2.166667 |
| April 2006 | 87.666667 | 2.233333 |
| May 2006 | 85.133333 | 2.133333 |
| June 2006 | 83.800000 | 2.233333 |
| July 2006 | 82.900000 | 2.133333 |
| August 2006 | 83.866667 | 2.266667 |
| September 2006 | 84.033333 | 2.133333 |
| October 2006 | 87.000000 | 2.366667 |
| November 2006 | 90.366667 | 2.500000 |
| December 2006 | 92.466667 | 2.766667 |
| January 2007 | 93.566667 | 2.700000 |
| February 2007 | 93.300000 | 2.666667 |
| March 2007 | 92.200000 | 2.666667 |
| April 2007 | 88.933333 | 2.633333 |
| May 2007 | 87.933333 | 2.500000 |
| June 2007 | 86.900000 | 2.366667 |
| July 2007 | 88.000000 | 2.366667 |
| August 2007 | 86.366667 | 2.466667 |
| September 2007 | 85.733333 | 2.400000 |
| October 2007 | 82.566667 | 2.300000 |
| November 2007 | 80.133333 | 2.333333 |
| December 2007 | 77.500000 | 2.400000 |
| January 2008 | 76.666667 | 2.400000 |
| February 2008 | 74.900000 | 2.166667 |
| March 2008 | 72.900000 | 2.233333 |
| April 2008 | 67.633333 | 1.800000 |
| May 2008 | 63.966667 | 1.833333 |
| June 2008 | 59.600000 | 1.600000 |
| July 2008 | 59.133333 | 1.933333 |
| August 2008 | 60.200000 | 2.000000 |
| September 2008 | 64.833333 | 2.200000 |
| October 2008 | 63.633333 | 1.933333 |
| November 2008 | 61.066667 | 1.666667 |
| December 2008 | 57.666667 | 1.066667 |
| January 2009 | 58.866667 | 0.833333 |
| February 2009 | 59.200000 | 0.500000 |
| March 2009 | 58.266667 | 0.366667 |
| April 2009 | 59.566667 | 0.300000 |
| May 2009 | 63.700000 | 0.233333 |
| June 2009 | 68.200000 | 0.300000 |
| July 2009 | 68.500000 | 0.266667 |
| August 2009 | 67.500000 | 0.333333 |
| September 2009 | 68.400000 | 0.266667 |
| October 2009 | 69.933333 | 0.300000 |
| November 2009 | 70.500000 | 0.266667 |
| December 2009 | 70.166667 | 0.366667 |
| January 2010 | 71.433333 | 0.366667 |
| February 2010 | 73.500000 | 0.333333 |
| March 2010 | 73.866667 | 0.266667 |
| April 2010 | 73.133333 | 0.266667 |
| May 2010 | 73.133333 | 0.300000 |
| June 2010 | 73.933333 | 0.300000 |
| July 2010 | 72.466667 | 0.266667 |
| August 2010 | 70.900000 | 0.266667 |
| September 2010 | 68.300000 | 0.300000 |
| October 2010 | 68.266667 | 0.333333 |
| November 2010 | 69.166667 | 0.366667 |
| December 2010 | 71.266667 | 0.366667 |
| January 2011 | 73.433333 | 0.333333 |
| February 2011 | 75.400000 | 0.266667 |
| March 2011 | 73.066667 | 0.200000 |
| April 2011 | 71.600000 | 0.233333 |
| May 2011 | 70.533333 | 0.266667 |
| June 2011 | 71.866667 | 0.266667 |
| July 2011 | 69.833333 | 0.233333 |
| August 2011 | 63.666667 | 0.200000 |
| September 2011 | 59.666667 | 0.200000 |
| October 2011 | 58.700000 | 0.200000 |
| November 2011 | 61.333333 | 0.266667 |
| December 2011 | 64.800000 | 0.300000 |
| January 2012 | 69.533333 | 0.366667 |
| February 2012 | 73.400000 | 0.333333 |
| March 2012 | 75.500000 | 0.400000 |
| April 2012 | 75.966667 | 0.366667 |
| May 2012 | 77.300000 | 0.400000 |
| June 2012 | 76.300000 | 0.333333 |
| July 2012 | 74.933333 | 0.333333 |
| August 2012 | 73.266667 | 0.333333 |
| September 2012 | 74.966667 | 0.366667 |
| October 2012 | 78.400000 | 0.533333 |
| November 2012 | 81.200000 | 0.600000 |
| December 2012 | 79.400000 | 0.600000 |
| January 2013 | 76.466667 | 0.466667 |
| February 2013 | 74.766667 | 0.433333 |
| March 2013 | 76.666667 | 0.433333 |
| April 2013 | 77.533333 | 0.433333 |
| May 2013 | 79.833333 | 0.400000 |
| June 2013 | 81.666667 | 0.400000 |
| July 2013 | 84.566667 | 0.466667 |
| August 2013 | 83.766667 | 0.633333 |
| September 2013 | 81.566667 | 0.666667 |
| October 2013 | 77.600000 | 0.633333 |
| November 2013 | 75.266667 | 0.500000 |
| December 2013 | 76.933333 | 0.566667 |
| January 2014 | 79.600000 | 0.566667 |
| February 2014 | 81.766667 | 0.700000 |
| March 2014 | 80.933333 | 0.766667 |
| April 2014 | 81.900000 | 0.800000 |
| May 2014 | 82.000000 | 0.700000 |
| June 2014 | 82.833333 | 0.666667 |
| July 2014 | 82.066667 | 0.666667 |
| August 2014 | 82.266667 | 0.633333 |
| September 2014 | 82.966667 | 0.733333 |
| October 2014 | 84.666667 | 0.900000 |
| November 2014 | 86.766667 | 1.100000 |
| December 2014 | 89.766667 | 1.300000 |
| January 2015 | 93.500000 | 1.566667 |
| February 2015 | 95.700000 | 1.533333 |
| March 2015 | 95.500000 | 1.433333 |
| April 2015 | 94.766667 | 1.300000 |
| May 2015 | 93.200000 | 1.400000 |
| June 2015 | 94.233333 | 1.500000 |
| July 2015 | 93.300000 | 1.600000 |
| August 2015 | 93.700000 | 1.633333 |
| September 2015 | 90.733333 | 1.400000 |
| October 2015 | 89.700000 | 1.300000 |
| November 2015 | 89.500000 | 1.433333 |
| December 2015 | 91.300000 | 1.633333 |
| January 2016 | 91.966667 | 1.400000 |
| February 2016 | 92.100000 | 1.433333 |
| March 2016 | 91.566667 | 1.366667 |
| April 2016 | 90.566667 | 1.500000 |
| May 2016 | 91.566667 | 1.400000 |
| June 2016 | 92.400000 | 1.466667 |
| July 2016 | 92.733333 | 1.533333 |
| August 2016 | 91.100000 | 1.400000 |
| September 2016 | 90.333333 | 1.433333 |
| October 2016 | 89.400000 | 1.466667 |
| November 2016 | 90.733333 | 1.666667 |
| December 2016 | 93.066667 | 1.600000 |
| January 2017 | 96.833333 | 1.733333 |
| February 2017 | 97.666667 | 1.666667 |
| March 2017 | 97.233333 | 1.933333 |
| April 2017 | 96.733333 | 1.833333 |
| May 2017 | 97.000000 | 1.966667 |
| June 2017 | 96.400000 | 1.833333 |
| July 2017 | 95.200000 | 1.900000 |
| August 2017 | 95.100000 | 1.866667 |
| September 2017 | 95.100000 | 1.800000 |
| October 2017 | 97.533333 | 1.900000 |
| November 2017 | 98.100000 | 1.966667 |
| December 2017 | 98.666667 | 2.166667 |
Note: Both series are constructed as 3-month moving averages. Shaded areas indicate recession periods as dated by the National Bureau of Economic Research (NBER).
Source: University of Michigan Survey of Consumers.
Figure 5: Real DPI Growth
Unit: Percent, annual rate; 10-year moving average
| Period | Real DPI Growth |
|---|---|
| 1960Q1 | 3.554470392 |
| 1960Q2 | 3.647977138 |
| 1960Q3 | 3.537560674 |
| 1960Q4 | 3.471551365 |
| 1961Q1 | 3.558308353 |
| 1961Q2 | 3.484167553 |
| 1961Q3 | 3.504282064 |
| 1961Q4 | 3.720708421 |
| 1962Q1 | 3.822705275 |
| 1962Q2 | 3.80083542 |
| 1962Q3 | 3.645922495 |
| 1962Q4 | 3.513433588 |
| 1963Q1 | 3.47622279 |
| 1963Q2 | 3.43777444 |
| 1963Q3 | 3.597131673 |
| 1963Q4 | 3.798103336 |
| 1964Q1 | 3.948540228 |
| 1964Q2 | 4.218668418 |
| 1964Q3 | 4.242598343 |
| 1964Q4 | 4.16070048 |
| 1965Q1 | 4.113496122 |
| 1965Q2 | 4.001351454 |
| 1965Q3 | 4.097709549 |
| 1965Q4 | 4.186738647 |
| 1966Q1 | 4.182649373 |
| 1966Q2 | 4.11233482 |
| 1966Q3 | 4.185083653 |
| 1966Q4 | 4.147618388 |
| 1967Q1 | 4.270399671 |
| 1967Q2 | 4.278575718 |
| 1967Q3 | 4.319258579 |
| 1967Q4 | 4.451580907 |
| 1968Q1 | 4.701806277 |
| 1968Q2 | 4.805488072 |
| 1968Q3 | 4.622260869 |
| 1968Q4 | 4.566985148 |
| 1969Q1 | 4.501351112 |
| 1969Q2 | 4.449590622 |
| 1969Q3 | 4.681811642 |
| 1969Q4 | 4.688549028 |
| 1970Q1 | 4.666611083 |
| 1970Q2 | 4.723166085 |
| 1970Q3 | 4.865880397 |
| 1970Q4 | 4.844606774 |
| 1971Q1 | 4.95295887 |
| 1971Q2 | 4.946007142 |
| 1971Q3 | 4.864080807 |
| 1971Q4 | 4.784254913 |
| 1972Q1 | 4.733733204 |
| 1972Q2 | 4.7303564 |
| 1972Q3 | 4.875533099 |
| 1972Q4 | 5.207425289 |
| 1973Q1 | 5.192475909 |
| 1973Q2 | 5.178715287 |
| 1973Q3 | 5.110340161 |
| 1973Q4 | 5.054534657 |
| 1974Q1 | 4.691696398 |
| 1974Q2 | 4.320004477 |
| 1974Q3 | 4.197966904 |
| 1974Q4 | 4.070288823 |
| 1975Q1 | 3.934292041 |
| 1975Q2 | 4.316403414 |
| 1975Q3 | 3.888673015 |
| 1975Q4 | 3.758340447 |
| 1976Q1 | 3.777183579 |
| 1976Q2 | 3.803685974 |
| 1976Q3 | 3.753886231 |
| 1976Q4 | 3.696235444 |
| 1977Q1 | 3.54053804 |
| 1977Q2 | 3.588371758 |
| 1977Q3 | 3.649395202 |
| 1977Q4 | 3.775194461 |
| 1978Q1 | 3.671201687 |
| 1978Q2 | 3.60042555 |
| 1978Q3 | 3.649067014 |
| 1978Q4 | 3.659867428 |
| 1979Q1 | 3.747295789 |
| 1979Q2 | 3.550376891 |
| 1979Q3 | 3.379430628 |
| 1979Q4 | 3.344518443 |
| 1980Q1 | 3.279424099 |
| 1980Q2 | 3.017410688 |
| 1980Q3 | 2.981620942 |
| 1980Q4 | 3.208864838 |
| 1981Q1 | 2.975485437 |
| 1981Q2 | 2.823993858 |
| 1981Q3 | 2.981357499 |
| 1981Q4 | 2.882473807 |
| 1982Q1 | 2.84814467 |
| 1982Q2 | 2.802711722 |
| 1982Q3 | 2.658830812 |
| 1982Q4 | 2.283061407 |
| 1983Q1 | 2.298331556 |
| 1983Q2 | 2.289313861 |
| 1983Q3 | 2.399916702 |
| 1983Q4 | 2.510828537 |
| 1984Q1 | 2.882299052 |
| 1984Q2 | 3.144793189 |
| 1984Q3 | 3.275173131 |
| 1984Q4 | 3.370898951 |
| 1985Q1 | 3.363300785 |
| 1985Q2 | 3.063950689 |
| 1985Q3 | 3.172731071 |
| 1985Q4 | 3.212347326 |
| 1986Q1 | 3.219940271 |
| 1986Q2 | 3.303111177 |
| 1986Q3 | 3.300172827 |
| 1986Q4 | 3.25807305 |
| 1987Q1 | 3.344574694 |
| 1987Q2 | 3.121974858 |
| 1987Q3 | 3.152170469 |
| 1987Q4 | 3.089589067 |
| 1988Q1 | 3.167244365 |
| 1988Q2 | 3.1711917 |
| 1988Q3 | 3.195961301 |
| 1988Q4 | 3.214270556 |
| 1989Q1 | 3.232072996 |
| 1989Q2 | 3.287846941 |
| 1989Q3 | 3.309071972 |
| 1989Q4 | 3.346075556 |
| 1990Q1 | 3.397294466 |
| 1990Q2 | 3.599821051 |
| 1990Q3 | 3.479272335 |
| 1990Q4 | 3.19885904 |
| 1991Q1 | 3.246955547 |
| 1991Q2 | 3.319217632 |
| 1991Q3 | 3.144746123 |
| 1991Q4 | 3.211590254 |
| 1992Q1 | 3.421285175 |
| 1992Q2 | 3.469330795 |
| 1992Q3 | 3.459239566 |
| 1992Q4 | 3.448428327 |
| 1993Q1 | 3.417965568 |
| 1993Q2 | 3.363866085 |
| 1993Q3 | 3.215446151 |
| 1993Q4 | 3.059201647 |
| 1994Q1 | 2.919315608 |
| 1994Q2 | 2.856526313 |
| 1994Q3 | 2.77644896 |
| 1994Q4 | 2.835003127 |
| 1995Q1 | 2.955595741 |
| 1995Q2 | 2.780284524 |
| 1995Q3 | 2.90423676 |
| 1995Q4 | 2.845699041 |
| 1996Q1 | 2.815768158 |
| 1996Q2 | 2.77724213 |
| 1996Q3 | 2.78638677 |
| 1996Q4 | 2.820925323 |
| 1997Q1 | 2.839381706 |
| 1997Q2 | 3.021603667 |
| 1997Q3 | 2.956006996 |
| 1997Q4 | 2.966063069 |
| 1998Q1 | 3.036956402 |
| 1998Q2 | 3.075369658 |
| 1998Q3 | 3.08114349 |
| 1998Q4 | 3.065393221 |
| 1999Q1 | 3.030361561 |
| 1999Q2 | 3.084625857 |
| 1999Q3 | 3.08337735 |
| 1999Q4 | 3.152482085 |
| 2000Q1 | 3.270095113 |
| 2000Q2 | 3.315085984 |
| 2000Q3 | 3.430192561 |
| 2000Q4 | 3.542530288 |
| 2001Q1 | 3.60750665 |
| 2001Q2 | 3.528818103 |
| 2001Q3 | 3.737225191 |
| 2001Q4 | 3.529175662 |
| 2002Q1 | 3.559781024 |
| 2002Q2 | 3.504703195 |
| 2002Q3 | 3.447842455 |
| 2002Q4 | 3.461802506 |
| 2003Q1 | 3.433228548 |
| 2003Q2 | 3.563595547 |
| 2003Q3 | 3.725646722 |
| 2003Q4 | 3.699937878 |
| 2004Q1 | 3.702793974 |
| 2004Q2 | 3.695160772 |
| 2004Q3 | 3.688276738 |
| 2004Q4 | 3.673724637 |
| 2005Q1 | 3.481957819 |
| 2005Q2 | 3.539214977 |
| 2005Q3 | 3.50039408 |
| 2005Q4 | 3.525555323 |
| 2006Q1 | 3.664842007 |
| 2006Q2 | 3.582935599 |
| 2006Q3 | 3.530900932 |
| 2006Q4 | 3.611853355 |
| 2007Q1 | 3.576202561 |
| 2007Q2 | 3.509004074 |
| 2007Q3 | 3.414197045 |
| 2007Q4 | 3.276165447 |
| 2008Q1 | 3.12912842 |
| 2008Q2 | 3.20411515 |
| 2008Q3 | 2.878571693 |
| 2008Q4 | 2.861165899 |
| 2009Q1 | 2.751539148 |
| 2009Q2 | 2.79861854 |
| 2009Q3 | 2.623035234 |
| 2009Q4 | 2.459425184 |
| 2010Q1 | 2.266685615 |
| 2010Q2 | 2.293905211 |
| 2010Q3 | 2.225191526 |
| 2010Q4 | 2.261657472 |
| 2011Q1 | 2.299952019 |
| 2011Q2 | 2.293138664 |
| 2011Q3 | 2.101608268 |
| 2011Q4 | 2.229174131 |
| 2012Q1 | 2.144418272 |
| 2012Q2 | 2.171154476 |
| 2012Q3 | 2.178987972 |
| 2012Q4 | 2.403591468 |
| 2013Q1 | 1.983507507 |
| 2013Q2 | 1.894317929 |
| 2013Q3 | 1.785413932 |
| 2013Q4 | 1.766310976 |
| 2014Q1 | 1.801149333 |
| 2014Q2 | 1.832562754 |
| 2014Q3 | 1.885390405 |
| 2014Q4 | 1.906509998 |
| 2015Q1 | 2.108432096 |
| 2015Q2 | 2.124490586 |
| 2015Q3 | 2.118662071 |
| 2015Q4 | 2.108385796 |
| 2016Q1 | 1.877220675 |
| 2016Q2 | 1.909848896 |
| 2016Q3 | 1.898693748 |
| 2016Q4 | 1.719377716 |
| 2017Q1 | 1.725057012 |
| 2017Q2 | 1.773497974 |
| 2017Q3 | 1.758964115 |
Note: Shaded areas indicate recession periods as dated by the National Bureau of Economic Research (NBER).
Source: U.S. Dept. of Commerce, Bureau of Economic Analysis.
Figure 6: Probability of Job Loss
Unit: Percent chance in next 5 years, average
| Period | Probability |
|---|---|
| December 1997 | 18.1 |
| January 1998 | 16.75 |
| February 1998 | 16.96667 |
| March 1998 | 16.33333 |
| April 1998 | 16.53333 |
| May 1998 | 16.4 |
| June 1998 | 16.3 |
| July 1998 | 16.7 |
| August 1998 | 16.83333 |
| September 1998 | 17.63333 |
| October 1998 | 17.63333 |
| November 1998 | 17.76667 |
| December 1998 | 17.16667 |
| January 1999 | 17.23333 |
| February 1999 | 16.66667 |
| March 1999 | 16.83333 |
| April 1999 | 17.56667 |
| May 1999 | 18.4 |
| June 1999 | 18.43333 |
| July 1999 | 18.63333 |
| August 1999 | 18.26667 |
| September 1999 | 18.16667 |
| October 1999 | 17 |
| November 1999 | 16.83333 |
| December 1999 | 16.56667 |
| January 2000 | 16.23333 |
| February 2000 | 16.6 |
| March 2000 | 16.9 |
| April 2000 | 17.03333 |
| May 2000 | 16.23333 |
| June 2000 | 16.53333 |
| July 2000 | 17.33333 |
| August 2000 | 17.73333 |
| September 2000 | 17.53333 |
| October 2000 | 16.8 |
| November 2000 | 16.8 |
| December 2000 | 16.36667 |
| January 2001 | 16.36667 |
| February 2001 | 17.1 |
| March 2001 | 17.8 |
| April 2001 | 18.4 |
| May 2001 | 18.13333 |
| June 2001 | 18.16667 |
| July 2001 | 18.7 |
| August 2001 | 18.86667 |
| September 2001 | 19.43333 |
| October 2001 | 18.56667 |
| November 2001 | 18.8 |
| December 2001 | 18.56667 |
| January 2002 | 19.06667 |
| February 2002 | 19.26667 |
| March 2002 | 19.13333 |
| April 2002 | 19.43333 |
| May 2002 | 18.9 |
| June 2002 | 19.73333 |
| July 2002 | 20.16667 |
| August 2002 | 21.03333 |
| September 2002 | 20.3 |
| October 2002 | 20.66667 |
| November 2002 | 20.83333 |
| December 2002 | 21.9 |
| January 2003 | 21.36667 |
| February 2003 | 21.6 |
| March 2003 | 21.16667 |
| April 2003 | 21.46667 |
| May 2003 | 21.26667 |
| June 2003 | 21.26667 |
| July 2003 | 21.1 |
| August 2003 | 20.53333 |
| September 2003 | 20.63333 |
| October 2003 | 20.7 |
| November 2003 | 21.4 |
| December 2003 | 22.53333 |
| January 2004 | 22.83333 |
| February 2004 | 22.2 |
| March 2004 | 20.7 |
| April 2004 | 20.73333 |
| May 2004 | 21.43333 |
| June 2004 | 21.83333 |
| July 2004 | 21.53333 |
| August 2004 | 20 |
| September 2004 | 19.16667 |
| October 2004 | 19.86667 |
| November 2004 | 20.33333 |
| December 2004 | 19.9 |
| January 2005 | 18.23333 |
| February 2005 | 18 |
| March 2005 | 18.56667 |
| April 2005 | 19.86667 |
| May 2005 | 20.26667 |
| June 2005 | 20.3 |
| July 2005 | 19.03333 |
| August 2005 | 18.7 |
| September 2005 | 18.5 |
| October 2005 | 18.26667 |
| November 2005 | 18.1 |
| December 2005 | 17.5 |
| January 2006 | 17.83333 |
| February 2006 | 18.63333 |
| March 2006 | 18.3 |
| April 2006 | 18.5 |
| May 2006 | 18.33333 |
| June 2006 | 18.53333 |
| July 2006 | 17.73333 |
| August 2006 | 16.13333 |
| September 2006 | 16.9 |
| October 2006 | 17.16667 |
| November 2006 | 18.26667 |
| December 2006 | 17.63333 |
| January 2007 | 17.4 |
| February 2007 | 16.26667 |
| March 2007 | 16.7 |
| April 2007 | 15.96667 |
| May 2007 | 16.2 |
| June 2007 | 16.4 |
| July 2007 | 17.23333 |
| August 2007 | 18.33333 |
| September 2007 | 17.6 |
| October 2007 | 17.6 |
| November 2007 | 16.56667 |
| December 2007 | 17.26667 |
| January 2008 | 17.36667 |
| February 2008 | 18.36667 |
| March 2008 | 18 |
| April 2008 | 18.56667 |
| May 2008 | 18 |
| June 2008 | 18.76667 |
| July 2008 | 17.76667 |
| August 2008 | 18.03333 |
| September 2008 | 17.3 |
| October 2008 | 18.46667 |
| November 2008 | 19.26667 |
| December 2008 | 20.2 |
| January 2009 | 20.16667 |
| February 2009 | 20.43333 |
| March 2009 | 21.66667 |
| April 2009 | 22 |
| May 2009 | 22 |
| June 2009 | 21.13333 |
| July 2009 | 21.26667 |
| August 2009 | 21.1 |
| September 2009 | 21.1 |
| October 2009 | 20.3 |
| November 2009 | 20.13333 |
| December 2009 | 19.7 |
| January 2010 | 20.36667 |
| February 2010 | 20.73333 |
| March 2010 | 20.43333 |
| April 2010 | 20.7 |
| May 2010 | 20.46667 |
| June 2010 | 20.33333 |
| July 2010 | 19.56667 |
| August 2010 | 19.1 |
| September 2010 | 19.16667 |
| October 2010 | 19.13333 |
| November 2010 | 19.6 |
| December 2010 | 19.8 |
| January 2011 | 20.2 |
| February 2011 | 19.93333 |
| March 2011 | 19.76667 |
| April 2011 | 19.6 |
| May 2011 | 19.26667 |
| June 2011 | 19.83333 |
| July 2011 | 19.86667 |
| August 2011 | 19.56667 |
| September 2011 | 18.33333 |
| October 2011 | 18.9 |
| November 2011 | 18.8 |
| December 2011 | 19.46667 |
| January 2012 | 18.6 |
| February 2012 | 19.06667 |
| March 2012 | 18.3 |
| April 2012 | 18.16667 |
| May 2012 | 17.76667 |
| June 2012 | 18.46667 |
| July 2012 | 18.43333 |
| August 2012 | 18.16667 |
| September 2012 | 17.43333 |
| October 2012 | 17.66667 |
| November 2012 | 18.16667 |
| December 2012 | 18.3 |
| January 2013 | 18.4 |
| February 2013 | 18.13333 |
| March 2013 | 18.43333 |
| April 2013 | 18.63333 |
| May 2013 | 19.43333 |
| June 2013 | 19.36667 |
| July 2013 | 18.96667 |
| August 2013 | 18.76667 |
| September 2013 | 19.4 |
| October 2013 | 19.2 |
| November 2013 | 18.96667 |
| December 2013 | 18 |
| January 2014 | 17.23333 |
| February 2014 | 16.9 |
| March 2014 | 17.73333 |
| April 2014 | 19.06667 |
| May 2014 | 18.96667 |
| June 2014 | 19.5 |
| July 2014 | 19.33333 |
| August 2014 | 19.36667 |
| September 2014 | 18.56667 |
| October 2014 | 18.56667 |
| November 2014 | 18.76667 |
| December 2014 | 19.3 |
| January 2015 | 19.43333 |
| February 2015 | 19.63333 |
| March 2015 | 19.4 |
| April 2015 | 19.63333 |
| May 2015 | 20.6 |
| June 2015 | 21.16667 |
| July 2015 | 20.8 |
| August 2015 | 19.63333 |
| September 2015 | 19.93333 |
| October 2015 | 20.13333 |
| November 2015 | 20.36667 |
| December 2015 | 20.1 |
| January 2016 | 20.2 |
| February 2016 | 19.96667 |
| March 2016 | 19.03333 |
| April 2016 | 18.73333 |
| May 2016 | 18.6 |
| June 2016 | 18.76667 |
| July 2016 | 18.5 |
| August 2016 | 19.1 |
| September 2016 | 19.9 |
| October 2016 | 20.5 |
| November 2016 | 20.5 |
| December 2016 | 19.1 |
| January 2017 | 18.33333 |
| February 2017 | 18.03333 |
| March 2017 | 17.86667 |
| April 2017 | 18.26667 |
| May 2017 | 18.16667 |
| June 2017 | 18.7 |
| July 2017 | 18.2 |
| August 2017 | 18.23333 |
| September 2017 | 17.96667 |
| October 2017 | 18.16667 |
| November 2017 | 17.93333 |
| December 2017 | 18.5 |
Note: Three-month moving average. Shaded areas indicate recession periods as dated by the National Bureau of Economic Research (NBER).
Source: University of Michigan Survey of Consumers.
Figure 7: Total Equity vs. Equity Withdrawal
| Period | HH owners equity in real estate (Billions of USD) | Mortgage balance change (Annual withdrawal rate, billions of USD) |
|---|---|---|
| 2000:Q1 | 6545.115 | 77.82532 |
| 2000:Q2 | 6839.798 | 82.34033 |
| 2000:Q3 | 7096.35 | 74.94288 |
| 2000:Q4 | 7390.385 | 81.11148 |
| 2001:Q1 | 7707.225 | 80.10197 |
| 2001:Q2 | 7890.361 | 84.0931 |
| 2001:Q3 | 8099.438 | 108.2301 |
| 2001:Q4 | 8222.504 | 125.0232 |
| 2002:Q1 | 8354.506 | 158.7 |
| 2002:Q2 | 8535.84 | 188 |
| 2002:Q3 | 8698.076 | 217.4 |
| 2002:Q4 | 8828.163 | 234.7 |
| 2003:Q1 | 8974.877 | 280.7 |
| 2003:Q2 | 9062.183 | 325.7 |
| 2003:Q3 | 9269.37 | 353.9 |
| 2003:Q4 | 9585.505 | 422.8 |
| 2004:Q1 | 9978.45 | 407.4 |
| 2004:Q2 | 10368.666 | 406.3 |
| 2004:Q3 | 10753.02 | 400.6 |
| 2004:Q4 | 11198.084 | 365.1 |
| 2005:Q1 | 11773.715 | 359 |
| 2005:Q2 | 12289.495 | 350.2 |
| 2005:Q3 | 12771.611 | 347.5 |
| 2005:Q4 | 13244.703 | 362.3 |
| 2006:Q1 | 13415.538 | 376.9 |
| 2006:Q2 | 13144.937 | 386.2 |
| 2006:Q3 | 12829.983 | 389.3 |
| 2006:Q4 | 12708.358 | 355.4 |
| 2007:Q1 | 12321.16 | 348.1 |
| 2007:Q2 | 11540.365 | 329.8 |
| 2007:Q3 | 10727.724 | 326 |
| 2007:Q4 | 9974.919 | 305.2 |
| 2008:Q1 | 9071.637 | 265.7 |
| 2008:Q2 | 8162.841 | 237.7 |
| 2008:Q3 | 7328.855 | 181.8 |
| 2008:Q4 | 6504.249 | 156 |
| 2009:Q1 | 6004.191 | 128.8 |
| 2009:Q2 | 6024.228 | 103.3 |
| 2009:Q3 | 6157.773 | 91.3 |
| 2009:Q4 | 6270.938 | 74.3 |
| 2010:Q1 | 6408.946 | 59.94125 |
| 2010:Q2 | 6367.251 | 31.82529 |
| 2010:Q3 | 6136.016 | 13.02529 |
| 2010:Q4 | 6187.397 | 6.025291 |
| 2011:Q1 | 6100.127 | 2.048344 |
| 2011:Q2 | 6108.23 | 2.964298 |
| 2011:Q3 | 6240.972 | 5.264298 |
| 2011:Q4 | 6299.77 | 0.164298 |
| 2012:Q1 | 6543.525 | -5.3957 |
| 2012:Q2 | 7016.539 | -10.6957 |
| 2012:Q3 | 7408.367 | -13.1957 |
| 2012:Q4 | 7815.229 | -2.5957 |
| 2013:Q1 | 8329.209 | 8.049737 |
| 2013:Q2 | 8871.2 | 28.54974 |
| 2013:Q3 | 9335.786 | 35.64974 |
| 2013:Q4 | 9762.82 | 40.74974 |
| 2014:Q1 | 10070.788 | 42.7 |
| 2014:Q2 | 10238.049 | 34.7 |
| 2014:Q3 | 10519.259 | 25.7 |
| 2014:Q4 | 10851.987 | 19.6 |
| 2015:Q1 | 11200.053 | 21.1 |
| 2015:Q2 | 11461.91 | 20.9 |
| 2015:Q3 | 11741.198 | 41 |
| 2015:Q4 | 12018.037 | 41.2 |
| 2016:Q1 | 12348.984 | |
| 2016:Q2 | 12590.977 | |
| 2016:Q3 | 12846.506 | |
| 2016:Q4 | 13149.326 | |
| 2017:Q1 | 13525.355 | |
| 2017:Q2 | 13854.219 | |
| 2017:Q3 | 14139.743 |
Note: Shaded areas indicate recession periods as dated by the National Bureau of Economic Research (NBER).
Source: Andreas Fuster, Ellidh Geddes, and Andrew Haughwout (2017), Financial Accounts of the United States.
Figure 8: Changes in Mortgage Balances
Unit: Billions of USD (real)
| Period | Subprime (below 620) | Near Prime (620 to 719) | Prime (abpve 719) |
|---|---|---|---|
| 2000:Q1 | 203.7439 | 461.683 | 610.1853 |
| 2000:Q2 | 237.2556 | 495.1928 | 583.0817 |
| 2000:Q3 | 214.4745 | 428.6311 | 540.533 |
| 2000:Q4 | 230.2517 | 495.1386 | 645.5853 |
| 2001:Q1 | 234.9244 | 441.1196 | 533.7839 |
| 2001:Q2 | 206.3253 | 395.6612 | 498.7222 |
| 2001:Q3 | 214.8728 | 443.2248 | 602.6997 |
| 2001:Q4 | 214.4093 | 471.5442 | 664.9874 |
| 2002:Q1 | 223.6692 | 523.7534 | 753.1989 |
| 2002:Q2 | 263.883 | 655.9187 | 977.5257 |
| 2002:Q3 | 257.784 | 615.629 | 870.7016 |
| 2002:Q4 | 277.5952 | 644.12 | 944.1079 |
| 2003:Q1 | 253.7423 | 616.861 | 931.7227 |
| 2003:Q2 | 285.9665 | 704.5962 | 1053.261 |
| 2003:Q3 | 259.4463 | 664.5551 | 1001.06 |
| 2003:Q4 | 309.562 | 812.8043 | 1296.291 |
| 2004:Q1 | 284.1848 | 761.0377 | 1222.296 |
| 2004:Q2 | 297.0485 | 779.2866 | 1199.799 |
| 2004:Q3 | 318.5185 | 838.4827 | 1310.174 |
| 2004:Q4 | 293.7721 | 761.7396 | 1061.597 |
| 2005:Q1 | 310.0361 | 762.4679 | 1020.758 |
| 2005:Q2 | 295.0824 | 779.368 | 1059.528 |
| 2005:Q3 | 302.0539 | 761.9968 | 1017.035 |
| 2005:Q4 | 304.2045 | 766.8242 | 1083.186 |
| 2006:Q1 | 320.196 | 811.4087 | 1127.095 |
| 2006:Q2 | 323.3614 | 836.6557 | 1132.941 |
| 2006:Q3 | 343.5762 | 850.0686 | 1157.666 |
| 2006:Q4 | 378.8073 | 873.1565 | 1153.838 |
| 2007:Q1 | 355.4572 | 851.2534 | 1118.034 |
| 2007:Q2 | 314.0818 | 775.6541 | 1070.284 |
| 2007:Q3 | 310.7721 | 760.382 | 1061.406 |
| 2007:Q4 | 292.5186 | 726.9418 | 1063.867 |
| 2008:Q1 | 238.7331 | 631.8146 | 1022.476 |
| 2008:Q2 | 194.3842 | 546.0511 | 926.5422 |
| 2008:Q3 | 160.1187 | 447.6469 | 839.0366 |
| 2008:Q4 | 178.6126 | 413.7553 | 793.4181 |
| 2009:Q1 | 137.1181 | 361.8792 | 777.3286 |
| 2009:Q2 | 128.1591 | 304.7577 | 695.8151 |
| 2009:Q3 | 116.7788 | 267.1944 | 631.6803 |
| 2009:Q4 | 108.5866 | 251.1828 | 581.2364 |
| 2010:Q1 | 108.8083 | 249.0389 | 641.6492 |
| 2010:Q2 | 98.55209 | 251.7544 | 678.4952 |
| 2010:Q3 | 122.7199 | 262.2219 | 656.1883 |
| 2010:Q4 | 129.4801 | 260.6941 | 622.9184 |
| 2011:Q1 | 115.1829 | 231.7489 | 605.9924 |
| 2011:Q2 | 106.3991 | 221.0069 | 579.0925 |
| 2011:Q3 | 101.3082 | 215.6206 | 578.1187 |
| 2011:Q4 | 98.41045 | 227.6614 | 669.6971 |
| 2012:Q1 | 72.88584 | 197.6435 | 553.7678 |
| 2012:Q2 | 75.03224 | 187.1844 | 504.8575 |
| 2012:Q3 | 79.35856 | 209.8775 | 552.3807 |
| 2012:Q4 | 96.75647 | 243.0528 | 626.3082 |
| 2013:Q1 | 81.08936 | 238.1964 | 659.7385 |
| 2013:Q2 | 82.90185 | 252.3246 | 656.0838 |
| 2013:Q3 | 88.0356 | 268.5106 | 728.6923 |
| 2013:Q4 | 82.78735 | 276.2669 | 760.9858 |
| 2014:Q1 | 94.67414 | 302.4324 | 801.3311 |
| 2014:Q2 | 96.73015 | 323.9467 | 797.5232 |
| 2014:Q3 | 96.42742 | 319.8926 | 719.9085 |
| 2014:Q4 | 96.39094 | 302.9976 | 640.9988 |
| 2015:Q1 | 86.45593 | 285.3693 | 603.5316 |
| 2015:Q2 | 88.06227 | 312.405 | 641.5559 |
| 2015:Q3 | 89.55539 | 323.6182 | 679.6918 |
| 2015:Q4 | 86.0327 | 335.4115 | 695.3107 |
| 2016:Q1 | 79.97353 | 344.934 | 735.9316 |
| 2016:Q2 | 82.86229 | 357.9176 | 772.8131 |
| 2016:Q3 | 87.28813 | 341.2241 | 712.318 |
| 2016:Q4 | 93.97099 | 368.4773 | 760.4822 |
| 2017:Q1 | 84.21953 | 347.6045 | 750.549 |
| 2017:Q2 | 88.17548 | 360.8685 | 800.8607 |
| 2017:Q3 | 92.42359 | 375.0948 | 866.4984 |
Note: Change in balance from 4 quarters prior, among those whose balance increased over that period. Gray shaded areas indicate recession periods as dated by the National Bureau of Economic Research (NBER).
Source: FRBNY CCP/Equifax.
Figure 9: Household Age Distribution
Unit: Percent of Households
| Year | Savers - Between 40 and 55 years old | Spenders - Between 25 and 35 or over 65 |
|---|---|---|
| 1962 | 32.6195 | 33.80363 |
| 1963 | 32.84462 | 32.951 |
| 1964 | 33.01935 | 33.30707 |
| 1965 | 32.71936 | 33.40887 |
| 1966 | 32.53385 | 33.43518 |
| 1967 | 33.10382 | 33.11859 |
| 1968 | 32.13002 | 33.76812 |
| 1969 | 31.54487 | 34.24474 |
| 1970 | 31.03264 | 34.73449 |
| 1971 | 30.74554 | 34.86595 |
| 1972 | 29.8971 | 35.34793 |
| 1973 | 29.54049 | 35.78851 |
| 1974 | 28.94291 | 36.62308 |
| 1975 | 28.11034 | 37.4095 |
| 1976 | 27.68807 | 37.95607 |
| 1977 | 27.13261 | 38.14982 |
| 1978 | 26.31164 | 38.43285 |
| 1979 | 25.94855 | 38.62542 |
| 1980 | 25.53402 | 39.2648 |
| 1981 | 25.01195 | 40.12756 |
| 1982 | 24.7862 | 40.28833 |
| 1983 | 25.03464 | 40.44652 |
| 1984 | 24.93599 | 40.67629 |
| 1985 | 25.131 | 40.60094 |
| 1986 | 25.14695 | 40.53535 |
| 1987 | 25.7153 | 40.71962 |
| 1988 | 26.22977 | 40.62239 |
| 1989 | 26.55088 | 40.48474 |
| 1990 | 27.21572 | 40.36021 |
| 1991 | 27.97139 | 40.25434 |
| 1992 | 28.657 | 39.96738 |
| 1993 | 29.53877 | 39.30753 |
| 1994 | 29.46172 | 38.9245 |
| 1995 | 30.14879 | 38.36104 |
| 1996 | 31.05072 | 37.974 |
| 1997 | 31.57563 | 37.55389 |
| 1998 | 32.52678 | 37.0611 |
| 1999 | 32.71023 | 36.51788 |
| 2000 | 33.18472 | 35.95179 |
| 2001 | 33.27583 | 35.68111 |
| 2002 | 33.5672 | 35.2789 |
| 2003 | 33.50591 | 34.9529 |
| 2004 | 33.44136 | 34.90842 |
| 2005 | 33.21231 | 34.5383 |
| 2006 | 33.12185 | 34.34806 |
| 2007 | 33.06573 | 34.37363 |
| 2008 | 32.75196 | 34.24523 |
| 2009 | 32.64284 | 34.71001 |
| 2010 | 32.42072 | 34.79049 |
| 2011 | 31.89444 | 35.03018 |
| 2012 | 31.34722 | 35.60192 |
| 2013 | 30.81992 | 36.09806 |
| 2014 | 30.03306 | 36.67134 |
| 2015 | 29.46845 | 36.96891 |
| 2016 | 28.89237 | 37.42917 |
| 2017 | 28.28138 | 37.97146 |
| 2018 | 27.74045 | 38.51437 |
| 2019 | 27.26947 | 39.07747 |
| 2020 | 26.93749 | 39.59128 |
| 2021 | 26.6335 | 40.13829 |
| 2022 | 26.46722 | 40.65522 |
| 2023 | 26.34892 | 41.16027 |
| 2024 | 26.22778 | 41.60532 |
| 2025 | 26.13884 | 41.9563 |
Source: U.S. Dept. of Commerce, Census Bureau.
Last Update:
March 08, 2018