Gallup Economy (03/01/13) Dennis Jacobe
Gallup’s consumer spending measure for February, based on a survey of 12,384 U.S. adults, showed little change from January at an average of $83 per day versus $80, down from $106 per day in February 2008. However, spending among upper-income Americans reached an average of $141, close to the $148 per day average for that group in February 2008. Spending among middle- and lower-income consumers barely budged at $72 in February from $70 in January, lagging behind the $95 per day average in February 2008. Consumer spending has not caught up with spending in the early stages of the recession and prior to the financial crisis, leading experts to believe that job growth must improve to increase consumer spending.