Question

Selected Aspects of the U.S. Economy, 1950-1960

Answer 1

The changes described in this list contributed most directly to an increase in consumer spending included:

• Civilian employment grew from 59.7 million to 66.4 million
• The gross domestic product (GDP) increased by 39 percent.
• The average family income increased 57.9 percent.

What is consumer spending?

Consumer spending is the private consumption or total money spent on final goods and services by individuals and households for their personal use and enjoyment in the U.S. economy in a fiscal year.

Consumer spending or private consumption can be for the following purposes:

• Services
• Durable goods
• Nondurable goods.

Consumer spending is a component of the GDP calculations.

Thus, the changes that contributed most to increased consumer spending are growth in civilian employment and increased GDP and family income.

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