Consumer spending up slightly in October

Consumer spending grew slightly in October, closely resembling the month’s average from last year, Gallup said Monday.   

People spent an average of $89 per day last month compared to $87 in September.

{mosads}The October average is much higher than the lower levels Gallup measured from 2009 through early 2012, after the recession hit.

Gallup, which noted spending is often flat in October, collected the data from daily interviews that asked adults to report the total amount they spent a day earlier at gas stations, in stores, online or in restaurants. The amount excluded normal monthly bills and vehicle purchases.

Spending among upper-income people increased slightly in October to $152 per day from $140 in September. The October average is similar to spending among that demographic from a year ago.

Among middle- and lower-income people whose household incomes are less than $90,000, they spent an average of $76 per day in October, which hasn’t fluctuated much in recent months. 

Gallup suggests the rise in consumer spending might be tied in part to lower gas prices, which have now dropped to below $3 per gallon.

The averages were based on interviews with more than 15,000 people through October with a margin of error of plus or minus 4 percentage points.