By Nathalie Tadena
Consumer spending in the U.S. declined in June as consumer
sentiment about personal finances declined and economic
expectations worsened, according to Discover Financial Services'
(DFS) U.S. Spending Monitor.
The poll index, which tracks economic confidence and spending
intentions of about 8,200 consumers a month, slipped 4.8 points to
90.7 last month.
The poll found that 29% of respondents view the U.S. economy as
improving, down from 33% in May. Roughly 53% of respondents now
rate the U.S. economy as poor, up 4 percentage points from the
prior month, and the highest level since January.
Fewer people also said their personal finances were
improving--around 23%, down from 25% in the prior month.
Respondents who see their personal finances getting worse rose 4
percentage points to 47%.
Half of respondents plan to spend about the same next month,
while those expecting to spend more dropped 4 percentage points to
25%. About 48% of respondents expect to spend less next month on
home improvements, an increase of 4 percentage points. The number
of consumers who expect to spend less on major personal purchases,
like vacations, in the next month also increased, up 6 points to
48%.
-Write to Nathalie Tadena at nathalie.tadena@dowjones.com