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| You really need to look at s longer term chart.
But, whqt if your right and oil and commodities shoot the moon. Would this be bearish or bullish the rest of the US economy?
Via Bloomberg
Consumer spending rose less than forecast in September as incomes dropped for the first time in more than a year, a sign Americans may keep rebuilding savings and paring debt as the economy is slow to recover.
Purchases increased 0.2 percent, the smallest gain in the third quarter, Commerce Department figures showed today in Washington. Incomes fell 0.1 percent, the first drop since July 2009, and the Federal Reserve’s preferred measure of inflation stagnated, capping the smallest 12-month gain in nine years.
The median estimate of 67 economists surveyed by Bloomberg News called for a 0.4 percent advance. Projections ranged from increases of 0.2 percent to 0.6 percent. The Commerce Department revised August spending up to 0.5 percent from a previously reported 0.4 percent gain.
Economists forecast incomes would climb 0.2 percent, according to the survey median. September’s drop followed a 0.4 percent gain in August that reflected the resumption of extended and emergency unemployment benefits. Excluding the jobless benefits, incomes would have increased 0.1 percent in September after a 0.3 percent increase the prior month.
Wages and salaries were unchanged, the weakest reading since June. Disposable incomes, or the money left over after taxes, fell 0.3 percent after adjusting for inflation."
I mean, we're .just rockin and rollin.
Edited by Pofarmer 11/3/2010 09:14
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Oil could
