Americans' daily self-reports of spending averaged $109 in July, the sixth month in a row in which spending has averaged $100 or more. This is the highest spending average since May 2008.
The $6 increase from June is not statistically significant. In most years, spending showed little or no change from June to July, though there was a sizable $12 increase in 2016. The latest average is the highest for the month of July for this index.
Spending among both higher- and lower-earning Americans was slightly up in July and is among the highest in the recent trend. Higher earners' spending has consistently been more than double that of lower earners. Adults in households whose annual income is $90,000 or more reported a spending average of $178 throughout July. At the same time, spending with households earning less than $90,000 annually averaged $80. This is a strong start for the second half of 2017, but given August's propensity for flat or lower spending, Americans' relatively high spending average in July is not likely to hold.
This is the last report of consumer spending. Gallop will no longer be producing it going forward.