Study: New Yorkers cut spending slightly during recession
ALBANY— New federal government statistics show consumer spending in New York stuttered only slightly at the end of the Great Recession after more than a decade of year-over-year gains and rebounded after 2009, according to new federal government statistics released Thursday.
The preliminary U.S. Bureau of Economic Analysis numbers show there was a drop of less than 1 percent in spending per person from 2008 to 2009, compared to a decline of 2.5 percent nationally. From 2010 through 2012, the last year with available statistics, spending increased a total of 12 percent, close to the 10.7 percent national average.
The data show steady increases in spending per capita from $22,490 in 1997 to $37,764 in 2008 before dipping to $37,487 in 2009. That number was $42,043 in 2012.