In U.S. economic history, significant spikes in oil prices have been followed by recessions. Now that oil is hovering at just over $66 per barrel, how much and how soon will this affect corporate spending?
Wal-Mart has already reduced its earnings forecast as a result of higher energy prices. Are companies across all sectors (not just retail and manufacturing) already planning to halt hiring and capital spending specifically because energy costs are crimping operating budgets?
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