Another Douse of Cold Data on the Economic Recovery
The dismal scientists — and today that would include most mainstream business journalists — have focused on recent housing data as the marker of a paltry economy. But where are pessimistic banking professionals to go for their own brand of “ugh” economic data?
Look no further! Bank Innovation would heartily suggest Discover Card’s US Spending Monitor. Yes, Discover’s August report shows flat spending — that’s no surprise. (The report rarely shows much month-over-month spending changes anyway.)
Rather, what is far more shocking is this fact: “42% of those surveyed have no money left over after paying monthly bills, a 3-point rise from July.” Yes, you read that right, 42%! With that many people living on the financial edge, it’s no wonder why retail has been struggling in recent months.
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