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U.S. Markets Weekly – March 7 – March 11, 2011
[private][private]MARKET DATA AND THE OUTLOOK
Surging gas prices pummeled consumer psychology in the first part of the month. The Reuters/University of Michigan Consumer Sentiment Index plunged 9 points to 68.2 in early-March, wiping out all of the progress on sentiment that has been made since October. It comes as no surprise that sentiment shrinks in the face of rising oil prices. But will consumer spending follow?
IMPLICATIONS
Oil prices just north of $100 per barrel have raised the downside risk profile for the expansion. The latest jobs report, meanwhile, didn’t boost optimism substantially. Nevertheless, DE is holding to its baseline forecasts for real GDP growth and unemployment.
DE-USMW-3-11-11[/private][/private]