'59'61'63'65'67'69'71'73'75'77'79'81'83'85'87'89'91'93'95'97'99'01'03'05'07'09'110.030.040.050.060.070.080.090.1
Oil as a share of Personal Consumption Expenditures
Personal Consumption Expenditures, Energy Goods & Services, Bil. $, SAAR, SA - United States / Personal Consumption Expenditures, Bil. $, SAAR - United States [Last: 0.06 (Mar-12)Recession Periods - United States
Energy expenditures as ashare of consumer spendingat 6 per cent are at levelsthat have badly hit consumer spending in the past-
study by Hamilton
Demand Destruction For The US Consumer
Source:MSIM, Factset
Consumers demand less oilnear 6% of GDP and at 8%the demand shock is severe
Oil as a Share World GDP
Demand Destruction For The Global Consumer
Source:ISI
“Average Consumer Doesn’t Eat IPads”
•
QE boosts stock prices and
commodities
•
Rising equity prices aresupporting the spending of upper income groups
–
Three-quarters of
equities by householdsare held by the top 10%of the income distribution
•
Rising commodity prices are
hurting low income
households
9.05.34.23.42.00246810LowestQuintile234TopQuintile
Percent of After-Tax Income Spent on Gasoline in2009
ndrdth
32.015.711.09.67.0010203040LowestQuintile234TopQuintile
Percent of After-Tax Income Spent on Food in2009
ndrdth
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Lenzner,The Price of Oil is the New Economic Spoiler
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