We're emptying our pockets on a daily basis these days. Americans' daily self-reports of spending averaged $100 in July, a $12 increase from June, according to a new survey from Gallup. This measure of consumer spending has not been at this level since July 2008, though it reached $99 in December.
After dropping dramatically in 2008 and early 2009 amid the global financial crisis, Americans' reported spending levels gradually held at low levels -- mostly in the $60 to $70 range -- through late 2012. At that point, they began to increase and have typically been in the $80 to $90 range since.
July typically ranks among the highest spending months, but large increases between June and July, such as those this year, are not common. The average June-to-July increase had been $2 before this year.
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