Consumers pulling back come as Gallup's underemployment measure shows more people losing their jobs in recent weeks. It shows unemployment hitting 10 percent for the 30 days ending Sept. 27 and 28.
"[If] the spending and jobs trends of the past two weeks continue, it could result in even less growth than economists' revised projections suggest, and require further downward revisions," Gallup stated.
The poll noted that uncertainty in the marketplace could be the reason why consumers and businesses are not spending.
"It may be that today's unusually high economic uncertainty has put Americans in a wait-and-see mode," it states. "Consumers and small business owners may simply be pulling back until the economic landscaped is clearer."