Whether consumers really are being helped by cheaper gasoline may show up in Friday's retail sales data.
Economists expect October retail sales to have increased by 0.2 percent, and the control number—without gasoline, autos or building materials—is expected to have risen by 0.4 percent. That compares to a decline of 0.3 percent in September and a dip in control of 0.1 percent.
"I discount this view that a penny saved in gasoline is a billion dollars in consumers' pockets. My view is a lot of people will keep their cash in their pockets and not spend it. Somehow this number should give us a clue to some degree on that logic," said Adrian Miller, director of fixed-income strategy at GMP Securities.