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Shaky Consumers

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Another survey reveals declining consumer confidence as other data points to an impending recession. The latest “Discover U.S. Spending Monitor” fell 3.4 points in November, the lowest level in more than six months. However, 51% of consumers said they expect to spend more money in December on gas, groceries, mortgage costs and holiday shopping. This compares to 35% who said they would spend more in November and an average of 33% making similar claims about month-to-month spending for the previous five months. Discover noted that consumers had different opinions about their spending pre- and post-Thanksgiving. In the weeks leading up to the biggest shopping weekend of the year, as many as 55% of consumers said they would spend less this year than last, while 43% said they would spend the same or more. Since Monitor surveying began in May of this year, the number of consumers rating the economy as good or excellent fell to 28%, a decline of nearly five points from last month.

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