The proportion of personal income that consumers spend on necessities like food and housing has declined during the past 40 years.

Name: The proportion of personal income that consumers spend on necessities like food and housing has declined during the past 40 years.
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Question

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According to data from the Bureau of Labor Statistics, the proportion of personal income spent on food and housing has declined from about 53% in 1960 to around 44% in 2019.

The Proportion of Personal Income That Consumers Spend on Necessities