Goldman Sachs released an economic outlook this morning predicting GDP growth of -9% in Q1 and -34% in Q2, along with 15% unemployment by June 30th. Both Calculated Risk and Talking Points Memo believe the recovery will take longer than the slowdown. In other words, we won't have a V or an L but probably something more like a U with a wide bottom.
I looked at some figures of my own. Looking at 4-week moving averages, as of Sunday my spending on groceries is up 37% from the period between January 27th and February 23rd, which includes a massive grocery bill for a party I threw on February 15th. But my spending on eating out is down 46%, and on lunch (I buy lunch nearly every day when I work downtown) is down 36%. And I have not taken public transit since March 16th, saving $45 a week right there.
I haven't stopped buying food from local restaurants entirely because I want them to be around in three months. Just, I get a lot less take-out food (every 5th lunch and every 5th dinner, staggered), and I don't buy take-out alcohol. (Of course, a local bar has a special deal of a fried chicken sandwich and old fashioned cocktail for $20.) I also have my dog walker coming in twice a week because I want him to be around in two months. His other job is that he plays jazz sax, so without the few walks I and other customers of the walking service send him, he'd have no income at all.
Obviously the uptick in groceries means I'm cooking more. Like last night, when I made my mom's tuna fish casserole recipe, and it came out like I remember it from childhood: