Consumer Spending Slides In All Important June, Gallup Finds

It appears the hopes and dreams of a resurgence in US GDP in Q2 will have to be extended-and-pretended another quarter. As Gallup notes, Americans' self-reports of daily spending fell back in June, averaging $91 for the month - down notably from a six-year high of $98 in May - and flat to the $90 average found in June 2013. Not exactly the pent-up demand 'surge' so many economists (and Fed PhDs) have been calling for... Even more concerning, Gallup notes, the drop in daily spending among all Americans can largely be attributed to upper-income Americans spending less in June. Even the 1% are cutting back?

As Gallup notes,

This $91 figure for June suggests a mixed bag for the economy. While it represents a much higher level of consumer spending than the $60 to $70 averages found for much of 2009 to 2012, it also represents the first decline in the monthly average since January of this year.

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