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"The expectations index, which is very sensitive to gasoline prices, plummeted to 81.1 from 97.5, a 16.8% drop. But the current conditions index, which tends to reflect the state of the labor market, rose to 36.9, a 28-month high, from 33.8. We feared a much bigger drop in the expectations index, following the collapse in the equivalent measure in the Michigan survey, so overall we are quite relieved." They estimate this is consistent with consumption +2%.
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