K-Shaped Economy Is Showing up at the Gas Pump: NY Fed
Lower-income households cut gas use 7% in March but still spent 12% more as higher earners kept driving and spending, New York Fed data shows.
- Low-Income households earning less than $40,000 reduced gas use by 7% in March but spent 12% more due to higher prices, according to the Federal Reserve Bank of New York.
- High-Income households earning over $125,000 cut gas consumption by only 1% and spent 19% more.
- The findings illustrate a K-shaped economy where higher-income groups keep spending while lower-income groups cut back.
- The New York Fed notes the gasoline consumption divide between income groups is wider now than in 2022 during the energy price shock.
29 Articles
29 Articles
Daily Journal
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