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Consumer Spending Took A Leap In February

Posted on Mar 16, 2012

Consumer spending in February surged over numbers from the same month last year.

Same-store volume growth was up 8.9 percent, a healthy increase from January's growth of 7 percent, according to data recently released by SpendTrend.

A more robust economy provided customers with added confidence and income to spend, a company official said in a Business Wire press release published at Yahoo! Finance.

Warm weather and improving economic conditions contributed to better February sales for most merchant categories, said Silvio Tavares, SVP and division manager of First Data Global Information and Analytics Solutions, which publishes SpendTrend.

SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations.

Average tickets returned to positive levels in February with growth of 0.9 percent after posting negative year-over-year growth for the prior two months.

PIN debit posted record highs and took the lead over all other payment types in February with an 11.7 percent increase. Signature debit posted volume growth of 9.2 percent followed by 7.6 percent for credit.

Regardless of whether record warm temperatures or the extra day for leap year played a role in February's showing, the news is good for the economy. And remember, much of the economy is based on how we feel instead of hard economic facts.

Source: Yahoo! Finance, March 2012