HOUSTON — Several people aren't feeling to well about the economy as prices continue to rise on what feels like everything.
With gas prices up 40% nationwide and groceries going up almost 10%, inflation is now running at 7.9%. That's the type of number that often triggers a recession, as during the gas price shocks of the 1970s.
It's the opposite of 2020 when gas prices plunged, giving consumers more disposable income to spend on new cars, furniture, campers and more.
University of Michigan's March Consumer Report Index dropped by three points due to economic worries.
That leads to the question, "How long can shoppers keep up the spending?"
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Many people are expecting a bumpy road ahead for the economy.
The CEO of Target and the CFO of Macy's says they're anticipating a slowdown, especially among lower income shoppers hit hard by gas prices.
The Target CEO says if gas prices continue to rise, consumers will go to fewer stores, buy more house brands, eat at home more often and cut down on discretionary purchases.
All of that would be bad news for the economy as it was 2008.