Wednesday, December 24, 2014

Good economic news on Christmas Eve 2014

Gas got even cheaper since WXYZ on lowest gas prices in five years, plus more on lower oil prices, when all the neighborhood stations were selling regular at $2.15.  Yesterday, the corner gas station dropped to $2.08, while the three stations down the street undercut it by a penny to $2.07.  That wasn't the only good news yesterday, as the Dow broke 18,000 for the first time ever.  WXYZ has reports on both.  First, Millions traveling for the holidays.

The narrative of people being grateful for low gas prices and using the savings to either spend money on other things or traveling, thus fueling the consumer economy, continues.

Next, Financial analyst Rick Bloom comments on Record-breaking day on Wall Street.

Again, low oil and gas prices are good news for the economy if one believes in Business as Usual.  Bloom obviously does, and so do a lot of investors.  The market and economy might just improve throughout 2015, although I expect either 2016 or 2017 will tell another story, as I wrote in PBS NewsHour on lower oil prices.  In the meantime, Merry Christmas!  Enjoy it while it lasts.

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