What did Americans spend on during the July-to-September period? Well, one of the biggest expenditures for consumers was healthcare, particularly the Affordable Care Act (ACA), otherwise colloquially known as Obamacare.
The Bureau of Economic Analysis (BEA) released third-quarter data pertaining to personal consumption spending.
The top five items were:
– Motor Vehicle and Parts ($170 billion)
– Other Non-Durable Goods ($110 billion)
– Healthcare (Obamacare) ($70 billion)
– Furnishings, Durable Household Equipment ($68 billion)
– Food and Beverages ($65 billion)
American consumers spent less on recreational goods (-$3 billion), clothing and footwear (-$6 billion), and gasoline and other energy goods (-$40 billion) in the third quarter.
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