Consumer Expenditure Survey data unreliable for tracking economic cycles.
The Consumer Expenditure Survey provides detailed data on what people in the US spend money on. Past studies have shown differences between this data and overall spending numbers. This new study looked at how spending changes during economic ups and downs. The researchers found that the patterns of spending from the Consumer Expenditure Survey and the overall spending numbers are very different. This means we need to be careful when using the survey data to study economic cycles.