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Fed: Oil shocks' effect on US economy lessens
A study conducted by the Federal Reserve Bank of Boston concluded that the impact of oil price shocks on the U.S. economy has become limited compared to the 1970s. Specifically, the increase in the Personal Consumption Expenditures (PCE) index growth rate has decreased from 2.2 percentage points to 1.5 percentage points annually. The study also showed that the effect of oil shocks on the labor market has significantly diminished, as they no longer cause a major decline in employment growth. This is thanks to the ability of oil-producing states to offset losses and achieve operational gains, thereby fostering market stability and protecting the economy from recession.
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