Consumer Spending “Recovery” Stalls As Pent-Up Demand Fails To Appear

For the first time since the ‘recovery’ began, Gallup reports that consumer’s average daily spending flatlined year-over-year. As Gallup concludes, at a daily rate of $87, Americans’ average daily spending in March looks positive by comparison to spending over the past five years. But the stall in spending, both month-over-month and compared with a year ago, most likely signals a continuation of the lackluster retail sales seen so far in 2014. While government data suggested that retail sales rebounded in February (though still the weakest YoY since Nov 2009), the Gallup data appears to confirm the post-weather pent-up-demand has failed to arrive.

First YoY drop since the recession…