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U.S. Spending Falls for 1st Time in 4 Months

July 10, 2009 | Press Releases | No Comments

According to Discover Financial, the Discover U.S. Spending Monitor fell for the first time in four months from 86.2 to 85.6 (based out of 100), as consumer attitudes toward the economy reversed course from the previous three months with more consumers expressing concern over the current state of the U.S. economy. Overall, 59 percent rated current economic conditions as poor, a 4-point increase from the previous month and the first increase since February.

While consumers are clearly concerned over current economic conditions, the number feeling the economy is getting worse remained at a Monitor-low 49 percent in June.

The drop in economic confidence also appeared to have little effect on consumer attitudes toward personal finances. Thirty-three percent currently rate their finances as good or excellent, the same number reported last month.

But the reversal in consumer attitudes toward the economy appears to be affecting discretionary spending intentions. Higher gas prices, along with uncertainty as to whether the economic recession has bottomed out has consumers either holding the line or cutting their discretionary spending intentions in the month ahead.






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