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The odd-trying line in this graph is the one for home consumption of autos and elements as a fraction of GDP; the line starts to drop after 2002, only reversing in 2010. It’s odd to me as a result of a graph of US vehicle gross sales is basically flat from 2001 to 2007 at between 16 and 17 million automobiles per 12 months. Studying off Stuart’s graph above, the gross consumption line begins at about three.7% of GDP in 2001 and drops to around 2.eight% in 2007, so roughly a 25% drop. Taking a look at BEA Desk 1.1.5. US GDP rose 36% during that interval.
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You may see the rise in imports from a lot lower than 1% in the 1960s to about 2% of US GDP in the mid 2000s (till the good recession hit). The opposite interesting issue is that consumption of autos (as a fraction of the economy) started a serious decline within the early 2000s. That’s going to complicate the analysis which I will take up again within the next post.