As this year's election is set to be decided in large part by the state of the economy, we at Colorado Peak Politics have decided to start tracking key economic indicators to give our readers a more holistic picture than just monthly unemployment numbers.
Today, Bloomberg released its weekly Consumer Comfort Index, which noted that “consumer confidence rose last week for the third straight time as the drop in fuel costs helped shore up Americans’ finances and improved the buying climate.”
The Index measures Americans’ view of the economy on three variables: "the state of the economy, personal finances and whether it’s a good time to buy needed goods or services.”
Ironically enough, the price of gas has gone down due to the softening economy and the related weakened demand for gas (not anything the administration has done), which is not exactly accounted for in the Index.
But, this is all relative — let’s remember where we are. According to ColoradoGasPrices.com, the cheapest gas found in the last 24 hours has been $3.30 in Pueblo, and the most expensive gas has been found at a Conoco station in Frisco, which lists regular unleaded gas at $4.47 per gallon.
When President Obama took office, gas was under $2/gallon in Colorado. No wonder the Purple Poll on Colorado found 57% think we're on the wrong track.
While consumer confidence may be rising nationally, the Rasmussen Reports poll on Colorado released today found that 44% of respondents said their finances were getting worse, compared to only 25% who reported improvement.
(Gas Chart via ColoradoGasPrices.com)