Posted on 09/12/2010 12:01:46 PM PDT by blam
Consumer Spending Across All Income Groups Down in August
by Dennis Jacobe, Chief Economist
September 9, 2010
AugustYear-over-year self-reported spending is down compared with July 2010 and August 2009
PRINCETON, NJ -- Americans' self-reported average daily spending in stores, restaurants, gas stations, and online averaged $63 per day during August -- down $5 from July, and down $2 compared with August 2009. Consumer discretionary year-over-year spending is thus running just slightly below the depressed "new normal" rate of a year ago.
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(Excerpt) Read more at gallup.com ...
Summer recovery at work saving us all.
Funny, I would imagine that all of this “going Galt” is not entirely a voluntary choice. With so many people out of work you have even more who unable to spend any discretionary funds.
STARVE THE BEAST.
My spending isn’t down, but has changed. Now, instead of eating out, going to movies, paying for entertainment and Starbucks, I spend all my extra income on guns, ammo and survival supllies.
$63 per day? Little wonder most people are broke.
That's almost 23 grand per year not counting mortgage, gas and electric, home maintenance, etc.
How much of that $63 per day counts childcare, medical expenses, and other areas that are hard to cut but don’t quite count as discretionary?
I suppose I really should help by buying stuff - but I don’t need anything. I do my best by buying 6 - 8 beers a week at my favorite watering hole.
People cant spend what they aint got, DUH!
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