Retail sales suggest consumers shrugging off gas prices

Dave Prokupek doesn't like the high price of gasoline either. But business is good enough at Smashburger that the chain where Prokupek is CEO opened its 150th restaurant Wednesday, and plans to open up 75 more this year, even though eating out is theoretically the first thing gas-strapped consumers would trim.

"I was very worried about gas prices," said Prokupek, adding that traffic in existing stores is up 9% this month from last year and growth is accelerating. "But while gas is going up, unemployment is going down. With a couple of dollars in their pocket, they're letting loose a little. They're off their diet."

You can see the impact of rising gas prices everywhere — except, so far, in the economic statistics.

As the surge in at-the-pump costs nears its fourth month, the data show people aren't yet making the spending cuts they've been expected to make. One reason is that the mild winter and cheap natural gas prices are saving them a bundle on heating bills. And that's making some economists relax — a little — about the effect of gas prices on the recovery.

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