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The percentage of consumers who expressed concern regarding the economy continued to trend upward in July, according to survey data Discover Financial Services released today. The Riverwoods, Ill.-based company's U.S. Spending Monitor last month fell to 83.5 from 85.6 in June and from 86.2 in May. Discover set the index at 100 when it introduced it in May 2007. Some 61.2% of 8,200 consumers surveyed in July said economic conditions were poor, two percentage points higher than the previous month. The percentage of respondents who said they thought the economy was getting worse increased to 52.1% from 49% who said so in June. "The optimism consumers showed about the economy during the spring has faded during the summer," Julie Loeger, Discover senior vice president of brand and product management, says of the survey results. "Unemployment is still rising, and while some are saying the worst is over, the majority of consumers surveyed by the Monitor in July currently don't feel that way. Until they do, consumers are unlikely to start spending again." Some 53% of consumers surveyed said they plan to spend less during the month ahead on such discretionary purchases as going out to dinner or to the movies, up from 51.1% who said so in June.
