Restaurateurs looking for signs of an economic recovery will not see it in a recent survey that found consumer spending down markedly across all income groups in early March.
Even as government officials suggested that consumer spending might have stabilized, Gallup’s most recent Consumer Spending Index suggests otherwise. According to the survey, Americans’ self-reported spending in restaurants, stores, gas stations and online averaged $57 per day during the first 14 days of March, compared with $64 per day during January and February, and $83 per day during the same year-earlier period.
US Consumer spending plunges in early March
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