Monday, November 11, 2002

"Fears Increase, but Consumers Keep Spending" NYT story By DAVID LEONHARDT and FLOYD NORRIS
The American consumer, still the nation's main source of economic strength, seems torn between worrying about the future and making another
trip to the mall.
"Consumer confidence is quite sensitive to fuel prices," said Gary E. Langer, the director of polling at ABC News. "If gas prices are rising, consumers feel it pretty quickly and tend to react negatively."
In fact, a tripling of oil prices in 2000 contributed to the recent downturn, much as energy price spikes have played a role in almost every recession of the last 30 years.

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