As a consequence, overall supply in 1973 actually increased relative to consumption.
The U.S. is the world's biggest cotton exporter, but U.S. and foreign supplies relative to consumption are getting the tightest they have been since the mid-1990s.
The estimated one billion people who live in developed countries have a relative per capita consumption rate of 32.
Watch countries exposed to runaway food price inflation such as those with a low GDP per capita and a very high percentage of food relative to total household consumption.
This seems inconsistent with recent data on profits, income, weekly jobless claims, ISM readings, record low inventories relative to sales and solid consumption growth into July.
Since 1980, absolute energy use in commercial buildings alone has increased two-thirds to nearly 20 percent of U.S. energy consumption, with relative energy use per square foot increasing nearly 12 percent over the same period.
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Global consumption is picking up relative to the U.S., bringing an improvement in the outlook.
It looks progressive relative to other rich countries only because consumption taxes elsewhere are regressive.
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Relative to American consumer spending, Asian consumption has soared (see chart 2).
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Here's the economics bit: if those periphery countries are going to become more competitive, without a currency depreciation, it follows that their domestic prices and wages need to fall, relative to German ones, and their domestic consumption needs to grow more slowly than their net exports.
The total consumption possibilities of the United States (and of the world) have been expanded relative to the case of U.S. unilateral free trade.
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