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PRINCETON, NJ -- Americans' self-reported spending averaged $72 per day in the week ending May 16 -- up 18% year over year. ÓÅÃÛ´«Ã½found a similar 16% increase during the prior week when spending averaged $73 per day. May's spending increases follow during March and April.

Early May Jump in Upper-Income Americans' Spending

During the week ending May 16, upper-income spending averaged $158 per day, compared with $122 and $143 during the previous two weeks. These are far higher spending levels than the $109 per day average of April and the $99 per day of March.

Upper-Income Spending Is Good News

There could be several explanations for the early May spending increases. Americans may have spent more in their Mother's Day celebrations during the week ending May 9 than they did a year ago, when the economy was in the depths of the recession. Further, the week ending May 16 is a "paycheck" week and consumers are likely to spend more during such weeks than during weeks without a paycheck.

Regardless, the weekly spending increases among upper-income Americans are particularly encouraging. Prior to recent weeks, upper-income consumers did not seem to be taking part in the year-over-year spending increase that took place during March and April. Additionally, early May spending by this group seems largely unaffected, at least to this point, by the financial crisis in Greece and the European Union, not to mention the recent declines in the equity markets.

also seems to be contributing to in recent months and weeks. Add to this the recent increases in spending among upper-income consumers and -- barring some unfortunate fallout from the global financial situation that alters current company hiring and consumer spending behaviors -- a sustainable economic recovery could begin taking hold.

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