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Rising gasoline prices sour U.S. consumer mood

Posted By admin On January 14, 2011 @ 9:30 am In Money Watch | Comments Disabled

Reuters [1]
Jan 14, 2011

Rising gasoline prices beat down U.S. consumer sentiment in early January, overshadowing an improved job outlook and passage of temporary federal tax breaks, a survey released on Friday showed.

A year-end surge in gasoline prices ratcheted up consumer inflation expectations to their highest in more than two years, according to the latest data from Thomson Reuters and the University of Michigan.

The surveys’ preliminary January reading on the overall consumer sentiment slipped to 72.7, below 74.5 in December. It fell short of a 75.4 reading predicted by economists polled recently by Reuters.

Consumers’ current mood deteriorated with average gasoline prices stuck above $3 a gallon. The surveys’ barometer of current economic conditions was 79.8 in early January, down from 85.3 in December and below a forecast of 84.6.

Full article here [1]


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URLs in this post:

[1] Reuters: http://www.reuters.com/article/idUSN1415083720110114

[2] Gasoline Prices More than Double Under Obama: $1.84 to $3.85: http://www.prisonplanet.com/gasoline-prices-more-than-double-under-obama-1-84-to-3-85.html

[3] Consumer Prices Take Another Record Plunge: http://www.prisonplanet.com/consumer-prices-take-another-record-plunge.html

[4] ABC Consumer Comfort Index Plunges To Year Lows On Surging Gas Prices: http://www.prisonplanet.com/abc-consumer-comfort-index-plunges-to-year-lows-on-surging-gas-prices.html

[5] Record-high Labor Day gasoline prices greet Democrats in Charlotte: http://www.prisonplanet.com/record-high-labor-day-gasoline-prices-greet-democrats-in-charlotte.html

[6] October consumer prices and home starts plummet: http://www.prisonplanet.com/october-consumer-prices-and-home-starts-plummet.html

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