Consumers have lost faith in the recovery to the extent to which they are unwilling to spend money. There is no evidence that joblessness has risen in the last six weeks, or that wages have dropped sharply. That leaves confidence as the most likely reason for the change
According to Gallup, Overall self-reported daily U.S. consumer spending in stores, restaurants, gas stations, and online averaged $68 per day in August, down from $74 in July. Spending has now returned to May and June levels, but remains above the $63 average from August 2010, one of the lowest estimates since 2010.
Methodology: For Gallup Daily tracking, Gallup interviews approximately 1,000 national adults, aged 18 and older, each day. The consumer spending results are based on a random sample of approximately 500 current full- and part-time employees each day.
Douglas A. McIntyre
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