Manufacturing Productivity Increases Improve Lives
17. Jun, 2011 
97 Comments
This chart from Daily Markets demonstrates how improvements in manufacturing productivity have improved the lives of Americans.
The chart above displays the share of Personal Consumption Expenditures represented by three categories of manufactured consumer goods that are most important to U.S. households: a) food and beverages consumed at home, b) clothing and footwear, and c) furnishings and durable household equipment (BEA data here). In the late 1940s, it required almost half (41%) of consumer expenditures to provide for the household basics: food, clothing and home furnishings, which are all manufactured goods.
As a direct result of the significant improvements in manufacturing productivity, manufactured goods became cheaper and more affordable over time, requiring a declining share of total consumer expenditures necessary to furnish, feed and cloth a family. By 1985, the share of consumer spending on household basics was only 20%, or less than half of the 41% share in 1948. For each of the last five years since 2006, the share of consumption expenditures on food, clothing and household furnishings has been below 14%, and was only 13.5% in 2010. For every $100 of consumer spending today, only $13.50 is spent on food, clothing and household furnishings and $87.50 is spent on everything else. Contrast that to 1948, when it took $40 of every $100 of spending for the basics, leaving only $60 to spend on all other goods and services.
The full article can be read here.
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