Recession cost $7,300 per capita in lost consumptionPosted by RJ and Makay on Jul 14, 2011 |
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The year and a half U.S. recession that ended in June 2009 has led to more than $7,300 in cut spending per person, or $175 per month, as compared to the pace of spending during the housing boom, according to Kevin Lansing, an economic researcher with the Federal Reserve Bank of San Francisco. The $7,300 figure, derived from the period December 2007 to May 2011, calculated inflation adjusted consumer purchases compared to pre-crises levels, Lansing said in a recently published report.
