The region's top banker told a Columbus audience Wednesday she sees signs of a rebound in consumer spending.
While retailers report weaker than expected sales in June, Cleveland Federal Reserve Bank president, Loretta Mester, says consumers have more money in their pocket and less household debt.
"The drop in gasoline prices is estimated to be saving the average household about $700 this year, perhaps not surprisingly consumer sentiment is very good at levels not seen since before the financial crisis and Great Recession," says Mester.
Mester told the Columbus Metropolitan Club that lower oil prices cut both ways. She says investment in shale energy, including in Eastern Ohio, dropped after oil prices slid during the past year.