On September 9, First Data 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%, a significant decrease from last month’s 2.2%. 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%, a decline from last month’s -13.8%, 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% in August, a decline from last month’s 3.7%, 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% and 8.3%, although slowed slightly from July.
