From Rasmussen Reports is more evidence of withering green shoots, in Discover (R) Consumer Spending Monitor (SM):
The Discover U.S. Spending Monitor fell for the first time in four months from 86.2 to 85.6 (based out of 100), as consumer attitudes toward the economy reversed course from the previous three months with more consumers expressing concern over the current state of the U.S. economy. Overall, 59 percent rated current economic conditions as poor, a 4-point increase from the previous month and the first increase since February.
Consumers, seeing higher prices for gasoline and other necessities, responded to the effect that discretionary purchases are going to decline:
To adjust for an increase in household expenses, consumers planned cutbacks on discretionary purchases like going out to dinner or the movies. Over half, 51 percent, plan to spend less in the month ahead on discretionary purchases, a 2-point increase from the previous month. Half of consumers are also expecting to spend less on home improvement purchases, the same as last month, and 48 percent of consumers said they’ll be spending less on major personal purchases like a vacation, also the same as last month. Even consumer savings wasn’t immune to possible cutbacks, as 40 percent of consumers planned on saving and investing less in the month ahead, a 2-point increase from the previous month.
It's getting near the Ides of July. We've been at this economic slog a long, long time. It's getting boring reporting on the same old stuff. But facts are facts.
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