Americans reported spending less money in June compared to May, marking the first monthly decline in self-reported consumer spending this year.
In a survey of nearly 15,000 U.S. adults, Gallup found [1] the daily amount spent by Americans was an average $91, down from a six-year high of $98 the month prior and about level with last year. The June record for average daily spending is $104, achieved in 2008.
Though spending remains at a much higher level than where it was through most of 2009–2012, the $7 drop from May to June represents one of the larger declines recorded by Gallup [2] during this time of year.
The drop in daily spending among all those surveyed stems mostly from a decline in daily spending among upper-income Americans. According to Gallup, respondents living in households earning $90,000 or more a year reported spending an average $157, down more than $30 from May. Spending was steadier from month to month among those in the lower income brackets.
Gallup writer Rebecca Riffkin said June's average "suggests a mixed bag for the economy."
"That self-reported spending did not increase in June is important, given that consumer expenditures are a significant driver of the U.S. economy," Riffkin wrote. "While Americans are spending more than they did several years ago, spending has not returned to pre-recession levels.
"It may take more time before the recent encouraging improvements in the labor market and economic confidence lead to further increases in consumers' spending," she concluded.