Americans are reportedly spending more and feel more confident in their job security, according to a Gallup poll released earlier this month.
The poll reported that people spent an average of $80 during one week this month,
the highest weekly spending average in more than a year-and-a-half. Gallup's Job Creation Index reflected more hiring by employers nationwide. These two indicators show a positive trend in the way Americans feel about the economy and its chances of recovery.
In the week ending June 6, the Index showed that 29 percent of workers reported that their employers were hiring workers, and 21 percent said their employers were laying off workers.
The increases were not just in the government jobs sector, but were in the private sector as well.
Earlier findings this year reflected a different picture. In spite of a depressed economy and an unstable employment climate, Americans were still spending.
But a recent Bloomberg survey showed that 57 percent of Americans feel the economy has worsened in the past year.
"A sense of gloom pervades perceptions of the economy and nation; barely one-in-three Americans say the country is on the right track," a Bloomberg press release stated. "Just 9 percent of those polled say they believe the economy will be strong again within a year, and 4 percent of Americans who cut back on spending now say they are confident to start back up."
The survey also found that with unemployment and underemployment still high, consumers are still worried about job security. But the pace of job loss is slowing.
But despite the surveys, one thing remains clear: trying to determine what motivates consumers is about as difficult as nailing Jell-O to a wall. Despite a muddy economic picture, it appears that when things get tough, Americans go shopping.
And this news may encourage small business owners to spend extra money marketing their goods and services to draw in some of these consumers. If you don't have the available funds for such a venture, a small business loan may be an excellent choice. No collateral is required, your privacy and security are protected, and you can obtain a revolving line of credit. Rates are as low as 7.93 percent, and a variable annual percentage rate is available.