US self-reported spending flat since May: Gallup
U.S. consumer spending has remained largely flat for the last three months, Gallup reported on Monday, despite other indicators that suggest consumers keep spending at a brisk clip.
The polling agency found that "self-reported" daily consumer spending was $89 in July, unchanged from the $90 of June and May. Based on a series of tracking interviews with more than 14,000 Americans during July, Gallup said that flat spending was perceptible across income levels.
Although buyers opened their wallets a bit during March, "consumer spending has remained basically at that level since—in the face of what are normally positive seasonal factors such as warmer weather, home improvement projects, and spring and summer travel."
While self-reported spending has risen sharply since the onset of the 2008 financial crisis, it "continues to trail early 2008, before the recession gained momentum."
Gallup's data, however, was in contrast to separate reads on spending—most of which suggest consumer confidence is buoyant, with buyers continuing to spend at a healthy pace.