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Category Archives: Consumption

Charts: U.S. Consumer Credit Climbed in June 2022

Source : Bloomberg

Chart: China Consumer Confidence Index Plunged in 2022

Source : Bloomberg

Chart: Holiday Budgets Rebound From COVID Slump

Source : Statista

Chart: U.S. Consumer Confidence Plunges In June 2022

The downward trend of personal saving rate suggests Conference Board expectations have further to fall.

Source : Bloomberg and Trading Economics

Chart: U.S. Retail Sales Down in May 2022

Source : Bloomberg

US$5 Gas in the U.S.: AAA Says Nationwide Average Hits New High

David Koenig and Julie Walker wrote . . . . . . . . .

The nationwide average price for a gallon of gasoline has hit $5 for the first time ever.

Auto club AAA said the average price on Saturday was a fraction of a penny over $5.00. Motorists in some parts of the country, especially California, are paying far above that.

The national average price has jumped 19 cents in just the past week, and it is up $1.93 from this time last year.

The high cost is taking a toll on people who need their vehicles to earn a living.

It was bad enough for cab driver Joseph Pierre when it cost $25 to fill his tank. Now he shells out $40 or $45.

“I’m losing money because some passengers I pick up, they don’t care about that, they don’t tip you,” Pierre said Saturday as he pumped gas at a BP station in Brooklyn.

Katisha Thompson, who paid $79 for 13 gallons of premium at the same station, said the price is “becoming overbearing.”

“It’s a lot, especially when you are trying to feed a family,” she said. “And it’s not just gas. It’s groceries, everything is going up.”

Americans are still burning less gasoline than they did before the pandemic, with many people still working from home instead of commuting. But there are early signs that higher prices might be affecting drivers’ habits, too.

The amount of fuel consumed last week was down 3% from the previous week and 6% from this time last year, according to preliminary figures from the Oil Price Information Service.

There are several reasons for the surge in gasoline prices.

Americans typically drive more starting around Memorial Day, so demand is up. Global oil prices are rising, compounded by sanctions against Russia, a leading oil producer, because of its war against Ukraine. And there are limits on refining capacity in the United States because some refineries shut down during the pandemic.

Add it all up, and the cost of filling up is draining money from Americans who are facing the highest rate of inflation in 40 years.

California has the highest average price, at $6.43, according to AAA. The lowest average is Mississippi, at $4.52.

While this is the first time breaking the $5 barrier, it’s still not a record when inflation is taken into account. Gas peaked at $4.11 a gallon in July 2008, which would be equal to about $5.40 a gallon today.


Source : AP

Average Cost of Filling Up Car in UK Hits Record 100 Pounds

Sylvia Hui wrote . . . . . . . . .

The average cost of filling up a typical family car has exceeded 100 pounds (US$125) for the first time in Britain, as Russia’s war in Ukraine drives gasoline prices higher.

Figures from data firm Experian Catalist showed that the average price of a liter of gas at U.K. pumps hit a record 182.3 pence ($2.3) on Wednesday, taking the average cost of filling a 55-liter (14.5-U.S. gallon) family car to 100.27 pounds. The prices are the equivalent of about $8.8 per gallon.

Motoring association AA said the price hikes have been a “huge shock” for drivers and urged the government to intervene.

“Enough is enough. The government must act urgently to reduce the record fuel prices which are crippling the lives of those on lower incomes, rural areas and businesses,” AA President Edmund King said.

“The 100-pound tank is not sustainable with the general cost-of-living crisis, so the underlying issues need to be addressed urgently,” King said.

Russia’s invasion of Ukraine led to concern about oil and gas supplies and worsened soaring energy prices, trickling down to customers filling up at the pump. High gasoline prices have hit people across Europe and in the United States, prompting governments to pass measures to try to ease the pain.

The British government in March announced a fuel tax cut of 5 pence per liter to help drivers after record jumps in pump prices.

Many motorists argue the tax cut reduced the cost of filling up a car by only a tiny amount. There are also growing concerns that fuel retailers are not passing on the tax cut to customers.

Prime Minister Boris Johnson’s government is facing heavy pressure to do more to help Britons struggling with fuel and food prices and domestic energy bills amid a severe cost-of-living crisis.

Johnson’s spokesman said Wednesday that soaring fuel prices were “hugely concerning,” and the government wants to make sure companies are passing the tax cut on to consumers.

“It is important the public understand what actions each of the fuel retailers are taking, and so we are considering what further options we can take in this area,” he said.


Source : AP

Chart: U.S. Personal Consumption of Goods Vs. Services

Source : FRED

Chart: U.S. Consumers Saving Rates Dropped While Building Up Debts

Source : Bloomberg

Charts: Typical U.S. Household Have to Spend 70% more on Gasoline This Year Over Last Year

Estimated US$4,800 in 2022, a $2,000 increase over last year

Hefty financial burden is piling up even more for the working poor in other countries

Source : Bloomberg