by Mike Shedlock, Global Economic Analysis:
A Gallup Poll headline says “U.S. Self-Reported Spending Flat Since May”
However, the charts show stagnation since March. Let’s take a look.
U.S. self-reported daily consumer spending was $89 in July, unchanged from the $90 of June and May. The relatively flat spending levels of the past five months are consistent with the weak GDP reports of the past three quarters and the lack of improvement Gallup finds in its Payroll to Population employment rate over the past couple of years.
Spending began the year at $80 in January and $83 in February. Consumers opened their wallets some more in March, spending an average of $89, reflecting the normally expected seasonal spring increase in sales.
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