PRINCETON, NJ -- Americans' self-reported spending in stores, restaurants, gas stations, and online averaged $62 per day during the week ending Aug. 8. Early August consumer spending trends trail 2009 and will need to surge to match last year's anemic back-to-school results.
Self-Reported Spending Implies Weak Back-to-School SalesMore Here..
Gallup's consumer spending measure averaged $68 per day in July compared with $67 per day in June. This is consistent with the "mixed" chain store sales reported in July and the consensus expectation of a 0.2% increase in retail sales, excluding auto sales, when the Commerce Department reports on Friday. Retail sales is a broader measure -- it includes the total receipts at stores selling durable and nondurable goods -- than Gallup's spending measure, which is more oriented toward discretionary spending, but the two measures often trend together when auto sales are excluded.