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Consumer Pulse

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Americans grew even more concerned about the economy and their personal finances in the face of rising monthly expenses. The latest “Discover U.S. Spending Monitor” reached a new low in March hitting 85.1, down more than a full point from the previous month and lower by 11 points than just six months ago. Survey results also showed that consumers sharply underestimated their spending intentions for March. In February, 29% said they expected to spend more in March. When asked about their actual March spending however, 46% reported they were spending more. The 17-point increase appears driven by sharp increases in household expenses such as gasoline, food and mortgages. In turn, consumers plan to actively cut back their discretionary spending and even savings to help make ends meet.

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