May 17, 2008 7:35 am US/Eastern
CBS4 Your Money: A Week Of Inflation Hits Consumer
U.S. consumer confidence this month was the weakest since Jimmy Carter was president.
MIAMI (CBS4) ―
This week was all about the government confirming what we know: gas prices are soaring closer to that dreaded four-dollar mark and inflation in South Florida is worse than in other states.
On Monday, gas prices surged again; another rough ride for motorists who started the week paying an average of $3.82 a gallon in Miami and $3.77 in Fort Lauderdale.
On Tuesday, the Federal government rang up last month's retail sales down another 2.2 percent; the biggest loser was in the automotive industry. And the National Association of Realtors said home values continued their downward slide: 15 to 17 percent lower in South Florida than this time last year.
On Wednesday, the government said that South Florida lead the nation in inflation with prices jumping 4.9 percent in a year.
On Thursday, employment figures showed more job losses; another six-thousand pink slips.
And on Friday, as crude oil tops $127 a barrel, South Florida motorists top out their tanks; in Miami at $3.88 a gallon and $3.81 in Fort Lauderdale.
But it's not just doom and gloom. There were some encouraging signs this week:
Federal Reserve Chairman Ben Bernanke predicted the stock market may be stabilizing, new home construction was up from last month, and tourism was still the life-blood of the local economy - up from last year.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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