Despite higher gas prices, the economy is still kicking.
There are two charts that let us breathe a big sigh of relief this week.
First, gas usage.
Last week it fell a whopping 9% from the year before.
This week, the gap got halved according to the EIA.
And then initial claims have resumed their downtrend, indicating that the improving labour market has not sputtered out.
Bottom line: The high-frequency economic data is staying OK, and not showing signs of collapsing.