U.S. consumer spending rises in November
The latest figure exceeds the $92 average recorded in the same month a year ago and is the highest for any November since Gallup began tracking consumer spending in 2008.
These results are based on Gallup Daily tracking interviews conducted Nov. 1-29. Gallup asks Americans each night to report how much they spent "yesterday," excluding normal household bills and major purchases such as a home or car. The measure gives an indication of discretionary spending.
The highest monthly averages on this self-reported spending measure came in the early months of 2008. Since the recession ended, self-reported spending has gradually increased. In several months recently, including November, the monthly average has been in the high $90 range, reaching $100 in July.
The November figure provides a strong springboard for the usual surge in holiday spending in December. Gallup has recorded an increase in December spending over November's figure in every year since 2008, with an average increase of $6.
The $5 increase in November spending compared with October is larger than usual. In some years, spending between these two months has stayed flat or even dipped. Generally, average daily spending rises $1 to $3. One exception was 2014 when spending increased $6 between October and November. ■