Gallup Poll Shows Consumer Spending Pullback, Consumer Confidence Levels Below Depressed 2009 Levels ; Back-to-School Sales Bust Says WSJ

Spending is up a tad from depressed 2009 levels but still way below 2008 levels. Looking ahead year-over-year comparisons will be much more difficult and weak sales will continue to impact state budgets.

A recent Gallup Poll shows U.S. Consumers Pulling Back on Spending in August

Americans’ self-reported spending in stores, restaurants, gas stations, and online averaged $61 per day during the week ending Aug. 29. So far, August and back-to-school 2010 spending trends appear no better than those of August 2009.

Self-Reported Spending Suggests “New Normal” Continues

Gallup’s consumer spending measure averaged $68 per day in July and $67 in June — up $6 on average from prior-year comparables, and at the upper end of the 2009 “new normal” monthly spending range of $59 to $67. The July results seem consistent with Monday’s report of a 0.4% increase in personal spending in July 2010.

At this point, consumer spending in August is running below that of June and July, falling back to roughly the $65-per-day average of August 2009. This is consistent with perceptions of a continued weakening of the U.S. economy and tepid back-to-school sales.

Economic Consumer Confidence Drops Below Depressed 2009 Levels

In spite of other survey that show a slight uptick in consumer confidence (with emphasis on slight) a Gallup Poll shows U.S. Economic Confidence Down in Recent Weeks

After improving slightly earlier this month, Gallup’s Economic Confidence Index declined over the past two weeks to its current -33, matching the average for all of July.

“Poor” Ratings of Economy Are Near 2010 High

Forty-eight percent of Americans rated current economic conditions as “poor” during the week ending Aug