Consumer spending level in May

People in the U.S. spent the same amount in May as they did in April, according to new data from Gallup.

The $91 a day consumers spent in April and May is $7 less than what people reported spending in May 2014. But the May spending numbers were higher than any May between 2009 and 2013, in the aftermath of the financial crisis, Gallup said.  

{mosads}The polling company added that, in most years, consumers report more spending in May than in April – including a $10 a day hike in 2014. But Gallup suggested that a dip in Americans’ confidence in the economy and higher gas prices played a role in keeping spending level last month. 

Consumer spending is a major driver of the economy, and Gallup said June’s figures would give analysts a better sense of how much the economy will bounce back from a disappointing first quarter.

“While Gallup’s historical spending averages have generally been higher in the spring and summer months than in the winter, spending usually dips or stays flat in June compared with May,” the polling company said.