LIBERTY STREET ECONOMICS
Discretionary and Nondiscretionary Services Expenditures during the COVID-19 Recession
Jonathan McCarthy
The author examines the extraordinary impacts of the coronavirus pandemic, and the various measures used to address it, through the lens of personal consumption expenditures on discretionary and nondiscretionary services. He shows that there were exceptional declines in both services categories during the spring; however, their recoveries have displayed notably different patterns in recent months.
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