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Reply #11: Consumers strained by price surge last year [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-17-08 05:44 AM
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11.  Consumers strained by price surge last year
WASHINGTON (Reuters) - Shoppers faced moderate price rises in December, but that capped a year in which prices soared at the sharpest rate in 17 years, pressuring households also dealing with a steep housing downturn and tighter credit.

The Labor Department said on Wednesday its Consumer Price Index rose 0.3 percent in December, less than half November's 0.8 percent jump. For all of 2007, the CPI rose 4.1 percent, well ahead of 2006's 2.5 percent gain and the steepest since 1990.

Separately, the Federal Reserve said output by the nation's mines, factories and utilities was flat in December and in 2007 posted its weakest gain since 2003.

The data, combined with a report on Tuesday showing a drop in December retail sales, "underlines our view that we're on the razor's edge here, that we could be headed into recession," said Mike Schenk, senior economist with Credit Union National Association in Madison, Wisconsin.

I think at this point we can safely say that we're in recession.
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