Vitality expenditures as a share of PCE

by Calculated Danger on 6/02/2021 10:07:00 AM Be aware: Again in early 2016, I famous that vitality expenditures as a share of PCE had hit an all time low. Right here is an replace by means of the just lately launched April PCE report. Under is a graph of expenditures on vitality items and companies


by Calculated Danger on 6/02/2021 10:07:00 AM

Be aware: Again in early 2016, I famous that vitality expenditures as a share of PCE had hit an all time low. Right here is an replace by means of the just lately launched April PCE report.

Under is a graph of expenditures on vitality items and companies as a p.c of whole private consumption expenditures by means of April 2021.

This is among the measures that Professor Hamilton at Econbrowser seems at to judge any drag on GDP from vitality costs.

Click on on graph for bigger picture.

Knowledge supply: BEA.

The massive spikes in vitality costs in the course of the oil disaster of 1973 and 1979 are apparent. As is the rise in vitality costs in the course of the 2001 by means of 2008 interval.

On the whole, vitality expenditures as a p.c of PCE have been trending down for years.

At first of the pandemic, vitality expenditures as a share of PCE, fell to a file low of three.3% in Could 2020.

In April 2021, vitality expenditures as a share of PCE had rebounded considerably and had been at 3.8% of PCE.  That is about the identical stage as in early 2020 (pre-pandemic).



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