Discover's (DFS) Spending Monitor Shows Continued Stagnation in U.S. Spending During May
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Data from Discover's (NYSE: DFS) U.S. Spending Monitor, which polls 8,200 consumers monthly, showed spending in May "remained stagnant."
The Monitor increased just 0.1 to 89.5 in May, from a high of 93.1 in January.
Discover said the Monitor's results reflect rising fuel and commodities prices, as well as continued high unemployment.
According to the data, consumers who believe they will not have money left over at the end of the month fell 2.5 points to 42.4 percent last month. Consumers saying they would have money left over at the end of the month fell to 45.7 percent, the lowest reading since March 2010 and down 1.5 points sequentially.
Consumers rating the economy as "poor" rose 2 points to 57 percent.
Some key spending points from the report:
The Monitor increased just 0.1 to 89.5 in May, from a high of 93.1 in January.
Discover said the Monitor's results reflect rising fuel and commodities prices, as well as continued high unemployment.
According to the data, consumers who believe they will not have money left over at the end of the month fell 2.5 points to 42.4 percent last month. Consumers saying they would have money left over at the end of the month fell to 45.7 percent, the lowest reading since March 2010 and down 1.5 points sequentially.
Consumers rating the economy as "poor" rose 2 points to 57 percent.
Some key spending points from the report:
- Home Improvement: 17 percent of consumers plan to spend more in this category, compared to 16 percent in April.
- Discretionary Entertainment: 11 percent of consumers said in May they would spend more in this category, up 3.1 points from April. However, 52.7 percent of consumers still plan on spending less in this category, virtually unchanged from last month.
- Major Personal Purchases: 15 percent of consumers plan to spend more on these purchases, an increase of nearly 2 points from April.
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