Americans’ daily self-reports of spending averaged $109 in July, the sixth month in a row in which spending has averaged $100 or more.
This is the highest spending average in Gallup’s trend since May 2008.
The July average is based on more than 14,000 interviews conducted as part of Gallup Daily tracking throughout the month, Gallup reported.
Economists monitor consumer spending closely because it accounts for about 70 percent of U.S. economic activity.
Gallup asks Americans each night to report how much they spent the previous day, excluding spending on normal household bills and major purchases such as a home or car. The measure gives an indication of discretionary spending.
With six consecutive months of average daily spending at or above $100, Americans’ spending levels are back to where they were before the global financial crisis in 2008, and the latest figure is the second-highest average in nearly a decade of Gallup’s tracking. The elevated spending levels are stable among both higher- and lower-earning Americans.
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