Don’t look now, but prices dropped 0.3 percent in March, led by a 3.2 percent drop in energy costs according to the Bureau of Labor Statistics.
Less food and energy, prices still fell slightly 0.1 percent.This, as WTI Crude Oil remains well off its 2014 highs of $107 a barrel, now at about $53 a barrel.
In the meantime, auto sales were down 1.6 percent in March.
That corresponded with a drop in prices of cars, down 0.5 percent the past two months.
So, even with slightly lower prices, sales still took a hit.
Not a good sign.
So what you see is a softening of demand locally and also globally, reflected in the oil prices keeping to their post-China and emerging markets bubble correction..."
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