MasterCard announced its earnings today and in it offered great insight into the economy of the United States and consumer spending. Among its notes, the company said American spending was shifting from discretionary purchases (those that aren't needed) to staples (those needed during every day life). Spending did manage to grow despite the harsh conditions by 5.1% last year, although it is slowing this year and could turn negative.

From TakingTheStreet:
Mastercard offered some useful insight into the domestic economy as well. The firm noted that consumers were spending more money on staples than discretionary items. Consumers are moving away from items like jewelry, restaurants, and home furnishings to instead purchase things like gasoline, groceries, and personal health care items. The company also noted a slowdown in spending in the U.S.; however, spending still did manage to grow at 5.1%. However, countries in Asia, Middle East, and Africa saw their spending increase an astounding 42%. Meanwhile, our neighbors in Latin America saw spending increase 28%. So, while things may be bad in the U.S., they are certainly booming abroad.