Spending Shift

In 1/20, prior to Covid-19, annualized US household spending on goods was $4.59 trillion/year. Last month, spending was a staggering $5.45 trillion, up 18.7%. Conversely, during 1/20, annualized spending on services totaled $10.29 trillion, it’s now at its post-pandemic high of $10.11 trillion, virtually unchanged. Total spending on goods and services is up from $14.88 trillion to $15.56 trillion! This is an astoundingly rapid increase and huge change in composition.