Oliver Willis

This is your economy on Republicans.

With the price of oil near record levels, import costs grew in January at the highest annual rate in a quarter century, the Labor Department said. In New York, manufacturing activity fell to its lowest level in five years. And consumers, responding to a national survey, said they felt worse about the economy than any time since the recession era of the early 1990s.

“This is just horrible,” wrote Ian Shepherdson, the chief United States economist for High Frequency Economics, a research firm. “The sustained volatility in the markets, the rise in energy and food prices and, of course, the catastrophe in the housing market, is making consumers extraordinarily miserable.”