SpendTrend report released
U.S.--First Data has released its August 2015 SpendTrend report, a macro-economic indicator based on aggregate same store sales activity in the First Data Point of Sale Network.
Some of the most significant findings include slowed spending in August; spending growth in August was 0.4 per cent, a significant decrease from last month’s 2.2 per cent. The slowdown was driven by decreased retail dollar volume growth and the continued drop in gasoline prices. Gas Station dollar volume growth was -15.3 per cent, a decline from last month’s -13.8 per cent, as worries of a global economic slowdown contributed to the drop.
Additionally, retail spending growth was at its slowest all year. Retail dollar volume growth was 1.2 per cent in August, a decline from last month’s 3.7 per cent, marking the slowest retail growth all year. Labor Day fell a week later than last year, which may have shifted Labor Day spending into September.
Meanwhile, spending growth in categories such as Food Services & Drinking Places and Building Material & Garden Equipment & Supply remained healthy at 5.7 per cent and 8.3 per cent, although slowed slightly from July.