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Feds: NYers Cut Spending Slightly During Recession

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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.

Preliminary U.S. Bureau of Economic Analysis numbers released Thursday 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.

New Yorkers cut back on buying durable goods in 2009, not services.

Growth was slowest in states hit hardest by the housing collapse - strongest in states with oil and gas drilling economies.

©2014 AP

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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