6at4 Business Report: Consumer confidence; gas prices

March 27, 2012 2:49:46 PM PDT
Could consumer confidence take a hit because of rising gas prices?

Consumer Confidence
Even though a report showing consumer confidence is near the highest level in a year, consumers may be feeling better about the economy because they have jobs. We've just experienced the best six months of job growth since 2006 and unemployment is at a 3-year low. The stock market is also near a 4-year high and that's helping some consumers withstand those higher fuel costs.

Rising Gas Prices
Some consumers are considering changing travel plans because of rising gas prices. More than half of those planning to go on vacation by car this summer say an increase of 26¢ to #1.25 per gallon would make them change their behavior, according to a U.S. Travel Association survey in USA Today. Shopping less, cutting back on restaurant stops, and sticking closer to home, are among the coping strategies the people surveyed said they would try. The Association also says that you should watch for more deals as the travel industry tries to compensate.