The Regional Side of the Story: K-Shaped Pattern in Region, Wider Gap in Gas Spending - Liberty Street Economics
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The Regional Side of the Story: K‑Shaped Pattern in Region, Wider Gap in Gas Spending
Rajashri Chakrabarti, Thu Pham, Beck Pierce, and Maxim L. Pinkovskiy
In this post, we use the inaugural release of our regional consumer spending indicators to ask whether these patterns hold for a significant portion of the Second District, and how regional spending patterns by income have been similar to or different from the national patterns we documented earlier. We find similar K‑shaped patterns in both retail and gas spending in our region as we do in the nation, with the K‑shaped pattern in gasoline in response to the recent gas price shock being more pronounced in the region.
Introducing the...