NEW YORK (NBC News) – The collapse of oil prices that sent gas prices plummeting was the gift that kept on giving for consumers at the end of 2014, and economists say that will likely continue for a while in 2015, saving drivers $750 a year.
Economists predict job gains will average 250,000 a month, putting 3 million Americans back to work in 2015. Retail and food sales are expected to grow 5%. Wall Street soared in 2014 and predictions are optimistic for 2015, but wage growth is expected to remain modest. Motor vehicle production is expected to grow, but home building will stay modest as fewer buyers can afford new homes.
Congress has a lot of key decisions that could have an impact: whether to raise the debt ceiling, and what to do with a dwindling highway trust fund.
For now, consumers can enjoy the boost from lower gas prices and the savings in their pockets.