- Last Updated: 11:14 PM, June 9, 2012
- Posted: 10:45 PM, June 9, 2012
The economy appears stuck in neutral and so does consumer confidence, a monthly consumer spending survey reported.
The Discover US Spending Monitor, a monthly survey of consumer feelings about personal finances, costs and the economy, had gained slightly in the last few months through April, but is now no longer improving.
The survey, which asks consumers about their spending plans and their outlook on their budgets as well as on the economy, dropped in May to 95.5 from 96.7 in April, Discover said.
“‘Flat’ is the best word to describe these numbers. People are really taking a wait-and-see approach on the economy and their finances,” said Matt Towson, a Discover spokesman.
“Consumer confidence in the economy remained flat in May, while lower gas prices gave a slight boost in spending intentions, in particular for summer vacation plans,” according to the study.