More disheartening economic news: Consumer sentiment has slipped once again. People refuse to be optimistic about the economy as long as gas prices are surging, jobless figures remain high, the housing market fails to rebound and inflation fears abound.
A new survey's just-released preliminary reading on the overall consumer sentiment shows it has slipped to 72.7, below 74.5 in December. It also fell short of a 75.4 reading predicted by recently-polled economists.
No one should be surprised by this since average gasoline prices are stuck above $3 a gallon across the US. The survey's barometer of current economic conditions was reportedly 79.8 in early January, down from 85.3 in December and below a forecast of 84.6.
And here's the real whopper: The survey shows growing inflation fears. Its one-year inflation expectation rose from 3.0 percent in December to 3.3 percent now. This the highest showing on that barometer since October 2008.
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