K-shaped economy is showing up at the gas pump: NY Fed
Summary
Rising gas prices are causing people with lower incomes to use less gas. Meanwhile, wealthier people are not changing how much gas they use.Key Facts
- Gas prices have gone up significantly.
- Low-income households are using less gas due to higher costs.
- Wealthier households are not reducing their gas use.
- The New York Federal Reserve reported these changes.
- This pattern is an example of a "K-shaped economy," where different groups experience the economy very differently.
- The report highlights economic inequality in how people respond to price changes.
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