Tags: Gallup | Consumer | Spending | Economic | Outlook

Gallup: Consumer Spending Averages $104 on Bright Economic Outlook

Image: Gallup: Consumer Spending Averages $104 on Bright Economic Outlook
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By    |   Monday, 05 Jun 2017 10:05 AM

Consumer spending remains stable and relatively high as Americans are more positive than negative about the state of the national economy and fewer adults are unemployed than at any time in the past 16 years, Gallup reported.

Their daily self-reports of spending averaged $104, similar to the $107 average in April, Gallup reported.

It is the fourth consecutive month that Americans' spending averaged $100 or higher -- a first since Gallup began tracking this in 2008.

May's average is in line with a generally higher level of spending in 2017 after nearly eight years of typically sub-$100 figures.

The May average is based on more than 15,000 interviews conducted as part of Gallup Daily tracking throughout the month. Gallup asks Americans each night to report how much they spent the previous day, excluding spending on normal household bills and major purchases such as a home or car. The measure gives an indication of discretionary spending.

Last month's average is the highest for May since 2008, when self-reported spending averaged $114. Americans' spending fell later that year as the global financial crisis took hold. By May 2009, their spending averaged about $50 less -- $63.

Among both higher- and lower-income earners, average spending in May was similar to April. Americans living in households earning $90,000 or more annually spent an average of $169 -- which is among their highest averages in the past year.

Spending among Americans in households that earn less than $90,000 annually averaged $79. This too is among the highest rates for this group over the past year.

Meanwhile, wage growth remains sluggish despite the unemployment rate being at a 16-year low of 4.3 percent, Reuters reported.

Hourly compensation increased at a 2.2 percent rate in the first quarter rather than the 2.4 percent pace reported in May.

Hourly compensation rose at a 2.3 percent rate from a year ago, down from the 3.9 percent pace estimated last month.

(Newsmax wire services contributed to this report).

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Consumer spending remains stable and relatively high as Americans are more positive than negative about the state of the national economy and fewer adults are unemployed than at any time in the past 16 years, Gallup reported.
Gallup, Consumer, Spending, Economic, Outlook
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2017-05-05
Monday, 05 Jun 2017 10:05 AM
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