Friday, September 09, 2016
Consumer Spending Update: Spending Upturn At Hand?
What confidence consumers lacked in the direction of their personal finances last month, they are certainly making up for at the start of September. The Rasmussen Reports Index of Personal Finance Direction has climbed almost seven points to 113.9 since early August and is up nearly six points from this time last year. That means more consumers say their finances are getting better and fewer say they're getting worse. This month-over-month improved confidence is contrary to results at this time in 2015 but in line with the year before.
Fifty-six percent (56%) also now say they don't expect any added expenses or any shortfall in income in the month ahead.
Consumers are so confident, in fact, that they now say they are ready to start spending again, albeit modestly. Expect to see small growth in spending in the area of home improvements, household items and clothing, footwear and accessories, with slightly heavier spending on entertainment and personal expenses.
Why only modest spending? More than half of consumers (56%) still intend to have money left over this month after all bills are paid, up five points from the month before.
For more information on Rasmussen Reports consumer spending and economic data, send an e-mail to firstname.lastname@example.org.