Consumer Spending Jumps Since Great Recession [AUDIO]
A new measure of consumer spending shows a 10 percent increase nationwide since the start of the Great Recession.
The analysis was done by the financial service company Intuit.
Lisa Marco Pritchard, of Intuit, says consumer spending here was a bit less.
“For New Jersey, it’s just slightly below the National average in terms of an increase. It’s at eight percent.”
So, what is the key takeaway?
Intuit says Americans are rebounding. The average household spent approximately $4,220 per month in the first three months of 2013, compared to $3,870 during the same period in 2009.
What’s driving the increase?
Intuit says staples, such as groceries and gas. Grocery spending has increased by 17 percent, due in part to the price of premium groceries. Consumers are also giving more to charities.
One big spending increase is restaurants. There was an 11 percent increase since the economic downturn. Pritchard says in New Jersey, that’s up 30 percent.