Aggregate consumption drops as income ex-current transfers rises. The pattern of disaggregated consumption pattern suggests tariff-induced front-loading drove some of the support for consumption in December.
Figure 1: Personal consumption expenditures (black, left log scale), income ex-current transfers (red, right log scale), both in bn.Ch.2017$ SAAR. Source: BEA.
Figure 2: Personal consumption expenditures on durables (blue, left log scale), sum of nondurables and services consumption (tan, right log scale), both in bn.Ch.2017$ SAAR. Source: BEA.
