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Consumer confidence erodes, Discover survey says

Summary

After surging earlier this year, consumer confidence is waning again, according to a July 2012 Discover Spending Monitor survey

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Despite a surge in consumer confidence earlier this year, a July 2012 release from Discover indicates that consumers turned gloomy again over the economy and their personal finances.

The Discover U.S. Spending Monitor, a daily poll tracking economic confidence, found that the percentage of respondents who believed the U.S. economy was improving dropped 4 points in June to 29 percent. Consumers’ view of their personal finances took a hit as well, with a 4 point percentage decrease in those who saw their finances as improving — from 27 percent in April to 23 percent in June.

The poll of nearly 8,200 consumers also found that their spending intentions declined. The percentage of those expecting to spend more in the following month dropped 4 percentage points to 25 percent. Consumers were especially gloomy about discretionary purchases, with 47 percent expecting to spend less on such items as eating out, and going to a movie. However, many expect to spend more on major purchases, such as vacations (48 percent).

The Spending Monitor Index, as a whole, decreased 6 points over the course of two months — from 96.7 in April to 90.7 in June. Overall, the results of the Spending Monitor indicate a strong sentiment from consumers that the economy will get worse.

See related:Rate survey: Credit card interest rates stay fixed, Infographic: Americans growing more confident about economy

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