The Commerce Department has published detailed consumer expenditure data since 1959, as part of the estimation of the Gross Domestic Product. It published last week the numbers for October of this year.
For just the twenty-fifth month, out of six hundred and ninety-four months since 1959, electric bills fell below 1.4 percent of consumer expenditures.
From January 1959 through October 1999, electric bills had never fallen below 1.4 percent. November 1999 was the first time.
Electric bills were as high as 2.51 percent of consumer expenditures in August 1983. Around a fortieth of consumer expenditures was needed to pay for electricity.
From the mid-seventies through the mid-nineties, for twenty years, electric bills were typically near or above 2.0 percent. Around a fiftieth of consumer expenditures was needed to pay for electricity.
Of the twenty-five months in which electric bills were below 1.4 percent, six of those months were in this year, 2016. With two months, November and December, to go.
Less than a seventieth of consumer expenditures is now needed to pay for electricity.
Two periods have been the most affordable in history, at least since the Dwight Eisenhower administration.
The first of the most affordable periods in history was June 2003 through April 2005. The hurricanes of 2005 then drove up natural gas prices. And with them, electric prices and bills.
The second of the most affordable periods in history is happening now. November 2015 through October 2016 (the latest month of data).
This time, natural gas prices might not spike up. So, electric prices and bills may remain historically low.
Number-crunching of monthly expenditure, price, housing, employment and other economic data releases, relevant to our industry, courtesy of Public Utilities Fortnightly.
