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Consumers concerned about the economy restrained their spending in November, and upper-income consumers' confidence declined, according to survey data Discover Financial Services released Tuesday. The Riverwoods, Ill.-based company's U.S. Spending Monitor was flat in November, rising a half-point to 86.3 from 85.8 in October. Discover set the index at 100 when it introduced it in May 2007. In a nationwide telephone survey of 8,200 U.S. adults Rasmussen Reports conducted throughout November on behalf of Discover, 59% of consumers rated the economy as poor, up 300 basis points from 56% who said so in October. Some 57% of upper-income consumers, who earn at least $75,000 annually, said they plan to cut back on holiday spending this year, compared with 55% who said so in November 2008. "In the midst of the holiday season, consumers at all income levels are uncertain about the direction of the economy and where it may be headed," Julie Loeger, Discover senior vice president of brand and product management, said in a statement.
