Personal consumption expenditures, the government's calculation of total consumer outlays, rose in each of the last three quarters, particularly in the most recent, in disregard of the recession.
He referred specifically to a 4.3 percent rate of growth in consumer outlays in the fourth quarter, after a hefty 3.7 percent gain during the summer.
Its spending rose considerably faster than consumer outlays.
At the same time, all categories of domestic spending, including consumer outlays, were somewhat weaker in the summer than in the first half of the year.
Rising housing sales produce all kinds of other consumer outlays from new wall telephones to wall-to-wall carpeting.
Housing costs, which account for nearly 40 percent of consumer outlays, rose just one-tenth of a percent in July, half the June rate.
You base your analysis of gas tax equity on the statement that consumer outlays on gasoline make up the same fraction of income, regardless of the income level.
But while expressing confidence that the economy will avoid a recession, he nonetheless scaled back his estimates of future consumer outlays because of the weak job market.
"Wealth by itself now appears to explain about one-fifth of the total level of consumer outlays," the chairman said.
Spending on food, in fact, climbed 9.3 percent - representing about one-quarter of the rise in consumer outlays - as many households stocked up, fearing Year 2000 computer problems that proved largely unfounded.