U.S. consumer sentiment recovered unexpectedly from early 1980s lows in July as Americans received government tax rebate checks but remained pressured by high gasoline prices.
Although oil has pulled back off its highs it's probably not enough to make consumers feel that much better.
"Gas price expectations declined modestly in July, but were still higher than any year prior to 2008," the Reuters/University of Michigan Surveys of Consumers said. "Despite the recent bounce (in confidence), buying plans for homes, vehicles and household durables remained quite negative."
And that leads to our Fast Money Reader Poll. If prices at the pump dropped to $2.99 would you spend more freely?
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