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THE ECONOMY.(TO THE POINT)
Greenspan: Economy won't suffer
more from this energy shock Federal Reserve Chief Alan Greenspan was heartened by the price retreats of gasoline -- 37% off its May 24 peak -- and natural gas -- down 70% since Dec. 27. "The short-term energy problems we are experiencing for gasoline, natural gas and electric power will be resolved, one hopes, without any further adverse impact on our economy," Greenspan said. But power-starved California is a different story, he added.
The Consumer Sentiment Index from the University of Michigan was revised higher to 92.6 for June from May's 92.0. It was first reported at 91.6.
California may sink into recession
due to energy, tech bust: UCLA
The power crisis and the high-tech collapse will be a nasty one-two punch for the fifth-biggest economy in the world, says the UCLA Anderson Forecast. Californians are worried about their jobs and have lost confidence in the state's economy, senior economist Tom Lieser says. Real consumer spending fell 3.3% in the first quarter. Blame the negative wealth effect -- vast sums lost to plunging tech stocks.
Another economic gauge drops
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