This is what's happening in the economy. The total number of transactions of goods and services have been dropping. But those few transactions are priced higher than pre-covid.
Source for this claim?
The BEA tracks quantities of goods and services produced in detail every quarter, and their data shows that for most categories, quantities are up, not down, since pre-COVID (i.e., Q4 2019). [1]
There are a exceptions where quantities are down: energy goods, health care, transportation services, recreation services, transportation equipment, private investment in structures, certain nondurable goods, and the output of nonprofit institutions. All other categories are actually up since before COVID. This includes motor vehicle part production, durable goods, restaurant food, clothing, housing/utilities, industrial equipment, computer hardware, etc. Overall, the quantity increases are slightly outweighing the quantity decreases, according to the standard measure.
Comments
Source for this claim?
The BEA tracks quantities of goods and services produced in detail every quarter, and their data shows that for most categories, quantities are up, not down, since pre-COVID (i.e., Q4 2019). [1]
There are a exceptions where quantities are down: energy goods, health care, transportation services, recreation services, transportation equipment, private investment in structures, certain nondurable goods, and the output of nonprofit institutions. All other categories are actually up since before COVID. This includes motor vehicle part production, durable goods, restaurant food, clothing, housing/utilities, industrial equipment, computer hardware, etc. Overall, the quantity increases are slightly outweighing the quantity decreases, according to the standard measure.
[1] Table 1.5.3. Real Gross Domestic Product, Expanded Detail, Quantity Indexes , https://apps.bea.gov/iTable/index_nipa.cfm