Spending Rose Slightly in October, Shows Survey

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Spending Rose Slightly in October, Shows Survey
[ Business]

As the U.S. economy continues to slowly improve, Americans are starting to become more confident in their spending. According to the Gallup organization, average daily spending by Americans during the back-to-school month of August rose to $95 this year – the highest average its survey has measured in the five years since the recession began in 2008. That splurge was followed by a plunge to only $84 pre day in September, but Gallup’s survey has now seen another slight uptick in October.

Average daily spending by Americans in October rose to $88 according to Gallup, which surveyed around 15,000 American adults. That $88 is the same as the average for 2013, up $16 from 2012’s $72 average.

American spending has been slowly trending upward for the past two years. Gallup stated that the threat of a government shutdown may have caused Americans to become more thrifty during September. The end of the shutdown could also have been a factor in the small rise seen in October.

Spending was up in October across a large cross-section of U.S. society. The few exceptions were women, who spent an average of $1 less per day in October and Americans over the age of 65, whose average daily spending dropped $8 month-over-month. The eastern portion of the U.S. on average also saw a small decrease in average daily spending.

Americans with household incomes of over $90,000 increased spending even more than others, spending an average of $10 per day in October than in September. Americans between the ages of 50 and 64 also increased their average spending significantly, up $9 in October to $90 per day.

Spending Rose Slightly in October, Shows Survey
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