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Retail Sales in U.S. Unexpectedly Rose in March on Jump in Gasoline Sales Retail sales in the
XX A few points here …
Spending on gasoline essentially accounted for the whole increase of 0.2%. In fact, excluding autos and gas, sales were up just 0.1%.
Receipts at gasoline stations rose 1.1% in March following a 0.5% decline the prior month. Over the past year, gasoline sales are up 18.9%. In short, in both the short-term and the long-term, gasoline sales are following prices.
I think this shows that people will cut back on many other things before they cut back on driving --
And that means American consumers can endure $5 and $6 a gallon gasoline … and higher … without crying uncle (cutting back on purchases). However, they will cut back on other purchases just to be able to keep driving around.
And I’d like to point out that gasoline is STILL cheap. A cup’s worth of gasoline (one-sixteenth of a gallon) will get me and my Honda CR-V to the store and back with a load of groceries. It sure beats pushing a wheelbarrow.
Goldman Strategist Says U.S. Earnings Are `Awful,' Will Pull Down S&P 500 The U.S. corporate earnings season got off to an ``awful'' start and stocks will continue to fall, according to Goldman Sachs Group Inc.
U.K. Producer Prices Surge to Fastest Pace Since 1991 on Raw-Material Cost U.K. producer prices rose in March at the highest annual rate since 1991 because of record increases in raw material costs, adding to the danger that faster inflation will become entrenched in the economy.
Philippines Presses China, Japan to Convene Asian Summit on Food Crisis The Philippines, the world's largest rice importer, is urging China, Japan and other Asian nations to attend an emergency meeting on the region's food crisis to try and reverse export curbs that have driven prices to a record.
Soybean Futures Climb in Chicago on China Demand Prospect; Wheat Advances Soybean futures in
Uranium Drops to 16-Month Low on Supply Exceeding Demand, TradeTech Says Uranium fell to a 16-month low, or half the record price reached in June, after new supplies became available and exceeded demand.
Shell Crews Work to Restore Oil Flow Through Pipeline Royal Dutch Shell Plc crews in