High Oil Prices 'Top Concern'
Today I received this from Wells Fargo senior economist Scott A. Anderson:
"Crude oil prices are now our top economic concern, outweighing the housing market and credit problems. Labor market trends continue to deteriorate with job losses across a broad spectrum of industries and earnings growth falling further behind inflation."
Anderson goes on to say that nonfarm job losses will continue through the end of the year with national unemployment to hit 6%. Also, he says that the Fed will hike interest rates before the year is up to temper inflation.
Hang in there, folks. Things are bound to get better eventually.