Consumer confidence continues to rise, with the latest report from the Conference Board showing that February's reading reached a 12-month high. That benchmark index shot up from 61.5 in January to 70.3 in February, well higher than the 63 predicted by Bloomberg News' panel of economists.
The one piece of economic data that has the greatest ability to dampen consumer confidence in the coming months is the price of oil. Over the past two months, the price of gasoline has climbed by an average of 47 cents a gallon nationwide. Here in New Jersey, the average cost of a gallon of gas is now $3.58, up from $3.35 a month ago.
But there was good news on that front yesterday. The price of oil futures dipped by 1.9 percent yesterday, and crude oil supplies are now believed to be at a five-month high. An oil shock could be devastating to this economy, but now it looks as if we might be able to avoid one.
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