Consumer Spending Grows Y-O-Y in Sept; Monthly Drop Defies Confidence Hike

Average US consumer spending in September was higher than in previous years, an encouraging sign as the holiday season approaches, though this year’s average still remains significantly behind 2008′s figure, per Gallup data released in October. This year’s average self-reported daily spending was $74, up from $65 in September of last year and $59 the year before that, but far below 2008′s $99. Driving the growth this year was spending by upper-income consumers, who averaged daily outlay of $126, up from $108 last year. (more…)