Still a Bit More Tunnel Left, Discover Survey Suggests
The most recent Discover Financial Services' U.S. Spending Monitor survey suggests that credit unions will have to wait a bit longer for members' use of credit cards to return to previous levels.
The firm dropped its index of U.S. consumer spending intentions from 86.2 in May to 85.6 in June and reported that, overall, 59% of those surveyed rated the state of the U.S. economy as poor, an increase of four percentage points over the previous month.
For the third straight month, less than half of consumers, 47%, have money left over after paying the monthly bills, one point lower than the previous month. Of those who do have money left over, 79% plan on having the same or more money left over than the previous month, a one point increase from the previous month, Discover reported.
"The optimism we were seeing from consumers in terms of the economy over the past few months may have hit a roadblock in June," said Julie Loeger, senior vice president of brand and product management for Discover Financial Services. "With unemployment still rising and uncertainty as to whether the economic recession is ending, consumers are seeing no reason to change the spending restraint they've exhibited over the last several months."