ROAD TRIP CONSENSUS (Positive Consensus/Bear Market Indicator) Americans wandering out again
September 9, 2015
This past Labour Day long weekend, some 35.5 million Americans will have traveled 50 miles or more from home during weekend, the highest travel volume for the holiday since 2008 and a 13% increase since 2009, according to the American Automobile Association. In 2008, before the Great Recession, Labor Day travelers hit 45.2 million, the highest number of drivers for the holiday weekend in the past 15 years.
Cheap oil and more robust job prospects have been a big help. Gas prices have fallen to around $2.43 per gallon, down from $3.70 per gallon in early 2014, according to GasBuddy.com, which tracks gas prices. These type of variables should peak the Federal Reserve in the US and provide the type of data dependent snapshots they are seeking to justify the renormalization of interest rates, something the stock market does not want to see.