Oil Shock Hits An Economy Already Showing Cracks

“Oil shocks are bad for economic growth and bad for inflation. So it can be worrisome when they land when growth is already middling and inflation stubborn,” the Wall Street Journal reports.

“Which, unfortunately, is exactly what is happening.”

“A slew of data released Friday portrayed an economy showing cracks, from weaker household spending to cooler consumer sentiment and higher inflation. Higher oil prices, which are already hitting gas stations, airfares and shipping costs, could aggravate all three.”