{"id":347290,"date":"2025-08-25T17:28:45","date_gmt":"2025-08-25T22:28:45","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/08\/25\/non-essentials-and-the-business-cycle\/"},"modified":"2025-08-25T17:28:45","modified_gmt":"2025-08-25T22:28:45","slug":"non-essentials-and-the-business-cycle","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/08\/25\/non-essentials-and-the-business-cycle\/","title":{"rendered":"Non-Essentials, and the Business Cycle"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-57749\">&#13;<br \/>\n\t\t\t\t<!-- .entry-header -->&#13;<br \/>\n&#13;<\/p>\n<div class=\"entry-content\">\n<p>Torsten Slok provides this illuminating picture of discretionary spending (y\/y), by category.<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/08\/slok_Aug25_Chart.jpg\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-57750\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/08\/slok_Aug25_Chart.jpg\" alt=\"\" width=\"1200\" height=\"675\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/08\/slok_Aug25_Chart.jpg 1200w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/08\/slok_Aug25_Chart-300x169.jpg 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/08\/slok_Aug25_Chart-1024x576.jpg 1024w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/08\/slok_Aug25_Chart-768x432.jpg 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2025\/08\/slok_Aug25_Chart-624x351.jpg 624w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"\/><\/a><\/p>\n<p>A year ago, I <a href=\"https:\/\/econbrowser.com\/archives\/2024\/08\/non-essential-business-cycles-and-implications-for-the-imminent-recession-call\">wrote about how the lack of clearly slowing discretionary spending failed to signal a slowdown<\/a>. And indeed no recession followed. What would really be helpful now is the corresponding picture from <a href=\"https:\/\/conference.nber.org\/conf_papers\/f202255\/f202255.pdf\">Andreolli et al. (2024)<\/a>, updated.<\/p>\n<p>\u00a0<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/08\/Andreolli_etal_fig1.png\"><img decoding=\"async\" class=\"alignnone size-full wp-image-53285\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/08\/Andreolli_etal_fig1.png\" alt=\"\" width=\"1053\" height=\"842\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/08\/Andreolli_etal_fig1.png 1053w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/08\/Andreolli_etal_fig1-300x240.png 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/08\/Andreolli_etal_fig1-1024x819.png 1024w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/08\/Andreolli_etal_fig1-768x614.png 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/08\/Andreolli_etal_fig1-624x499.png 624w\" sizes=\"(max-width: 1053px) 100vw, 1053px\"\/><\/a><\/p>\n<p><em><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/conference.nber.org\/conf_papers\/f202255\/f202255.pdf\">Andreolli et al (2024)<\/a>.<\/em><\/p>\n<\/p><\/div>\n<p><!-- .entry-content -->&#13;<br \/>\n\t\t&#13;<\/p>\n<footer class=\"entry-meta\">&#13;<br \/>\n\t\t\tThis entry was posted on <a href=\"https:\/\/econbrowser.com\/archives\/2025\/08\/non-essentials-and-the-business-cycle\" title=\"2:56 pm\" rel=\"bookmark\"><time class=\"entry-date\" datetime=\"2025-08-25T14:56:00-07:00\">August 25, 2025<\/time><\/a><span class=\"by-author\"> by <span class=\"author vcard\"><a class=\"url fn n\" href=\"https:\/\/econbrowser.com\/archives\/author\/menzie_chinn\" title=\"View all posts by Menzie Chinn\" rel=\"author\">Menzie Chinn<\/a><\/span><\/span>.\t\t\t\t\t\t\t\t<\/footer>\n<p><!-- .entry-meta -->&#13;\n\t<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/econbrowser.com\/archives\/2025\/08\/non-essentials-and-the-business-cycle\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] &#13; &#13; &#13; Torsten Slok provides this illuminating picture of discretionary spending (y\/y), by category. A year ago, I wrote about how the lack<\/p>\n","protected":false},"author":1,"featured_media":347291,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[155],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/347290"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=347290"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/347290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/347291"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=347290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=347290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=347290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}