For the third straight month, more Americans said the economy is worsening, according a study by Discover.
Sixty-nine percent of consumers ages 40-64 rated the economy as poor, a 5-point jump from July, the survey reported.
And 68 percent of consumers in that same age group said the economy is worsening, Discover said. The numbers were similar in the 18-39 age bracket, Discover said.
Overall, those of all ages rating the economy as poor was 64 percent, compared to 62 percent in July, according to Discover.
Joseph Salerno, a professor of economics at Pace University’s Lubin School of Business, said the survey’s negative numbers made sense.
“The respondents to the survey were correct in rating the US economy as poor,” Salerno said.
“Job growth has ground to a halt, and business investment has been stifled by uncertainty and distrust, by both fiscal and monetary policy,” he added.
The one bright spot was that consumer spending levels have held steady. In August, consumers were planning to spend about the same amount on discretionary spending, such as going out to dinner, movies and sporting events, Discover said.
The Discover survey is a monthly index of consumer spending plans. It has sampled some 8,200 US adults each month since 2007.