Second Quarter GDP data

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On July 28, the Commerce Department published the Gross Domestic Product data for the second quarter. This key economic indicator tells us, among other things, where we are with respect to utility expenditures.

Overall consumer expenditures, nationwide, were up 8.4 percent year-over-year in Q2. Expenditures on consumer goods were up 6.4 percent. But on consumer services they were up 9.5 percent.

Let’s break this down further, to utility expenditures. American consumers spent just 4.4 percent more on water supply and sewage maintenance in Q2 2022, relative to Q2 2021. That growth is well behind overall inflation.

Though consumers spent 15.2 percent more on electricity. And 42.7 percent more on natural gas. That growth is certainly well ahead of overall inflation.