The Discover U.S. Spending Monitor rose 1.2 points in January, mainly due to a slight increase in economic confidence from consumers. This marks the first upturn in five months, given the dismal housing, labor and financial news.
Perhaps this is merely the result of holiday spending hangover. Regardless, it is the first sign of optimism amongst the gloomy economic backdrop.
The best thing about this bounce however, is that the uptick is marginal, rising to 77.8, slightly better than the record low 76.6 set in December. This is an indication that while consumers show slight increases in economic confidence, spending intentions remain guarded.