"Devastated Their Budgets"
Reuters:
U.S. consumer sentiment rose in May as consumers remained resilient despite record high gasoline prices, according to a poll published Friday.Devastated and speechless? Or getting used to it? Hopefully another post on this in next few days.
The Reuters/University of Michigan Surveys of Consumers said its final May reading on consumer sentiment index rose to 88.3 from 87.1 at the end of April. The preliminary May reading, released in mid-May, was 88.7.
The median forecast on the overall sentiment reading among analysts polled by Reuters was 88.0.
The survey's gauge of current consumer conditions edged up to 105.1 in May from April's final reading of 104.6, while its final measure on consumer expectations was 77.6, a shade higher than 75.9 at the end of April.
"To be sure, lower income households complained that high gas prices had devastated their budgets, but even among those vulnerable consumers their complaints were less frequent than last May when the price of gas was 34 cents (a gallon) lower," Reuters/University of Michigan said in a statement.
posted by The Cunning Realist at Friday, June 01, 2007
8 Comments:
It's called adaptation. I've been writing about it for a few years. Each year sees a new high, everyone screams, Congress calls for investigations, it becomes a headline story. Then gasoline prices ease, but never back to the previous low. Everyone breathes a sigh of relief that they now only have to pay $3.00/gal.
Rinse, lather, repeat.
Economists don't really give a damn about what the "lower income households" think anyway. Don't have much extra money to spend and they don't make much to begin with, so eh...whocares...
That explains why polling shows Chimpy above 5% approval. I know very few people that think their personal economy is doing well, nor do I know few people that approve of Presidunce McDrydrunk.
As a bona fide (and life long) member of the "low income households" group, I agree with Greyhair. Devasted and getting used to it.
Not driving, therefore no complaint.
Do you eat? Buy clothes? Pay tuition? Take vacations?
I am constantly amazed by the high price of fresh produce. My father who lives in Canada says that comparable items cost 50% less there, and are of far superior quality.
Clarification: we're driving a lot less. Taking the bus more and using alternatives whenever possible. But then we have the ability to do so. Yes, the increased cost of fuel are being felt at every level. Globalization is based in large part on cheap fuel, so there must be a great deal of discussion and realignment. One hopes.
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