nation wide polls and indicators suggest that people are generally unhappy with the economy
The Michigan Consumer Sentiment Survey that is basically the standard on this sentiment analysis seems to be heavily correlated with gasoline prices, far more than gasoline prices actually affect the economy.
And consumer sentiment about the economy has been moving upward over the past few months, while gasoline prices have been low. Did anything change between November and now, to bring it to the highest level of the last 3 years? I’d argue the only real change we’ve seen in the economy over the past few months is low gasoline prices. All the other long term structural things are still present.