Survey: Consumers Confident, Cautious In September

Consumer confidence remained high in September, but spending remained flat, according to survey data Discover Financial Services released today. The Riverwoods, Ill.-based company's U.S. Spending Monitor rose to 89 from 87 in August. Discover set the index at 100 when it introduced it in May 2007. One-third of consumers surveyed in September said they felt economic conditions were improving, compared with 31% who said so the previous month. Some 33% of respondents rated their finances as "good" or "excellent," the highest in four months and up a percentage point from August. "Consumers definitely feel economic conditions are getting better, but over half still rate current economic conditions as poor," Julie Loeger, Discover senior vice president of brand and product development, said of the survey results. "Combine that with uncertainty as to where their personal finances are headed, and you can see why consumers are still very cautious with their spending intentions." For the sixth consecutive month, less than half of consumers expected to have money left over after paying monthly bills. Some 47% of consumers surveyed expected to have money left over, a percentage point higher than in August. Nearly one in five survey respondents, or 19%, expected to spend more in the next 30 days, which continues a four-month decline and is down a point from August, according to the survey.