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That's a pretty big stimulus to those oil consumers, but we haven't really seen it yet, that's a theme that perhaps is not being played out in the market. Part of the reason the fuel price benefit is more muffled than in previous cycles, analysts say, is because consumers are paying down their own debt, uncertain about their future wage growth. Another reason is that there are more things to spend money on that are not tracked by traditional measures, such as online home-sharing service Airbnb or car ride service Uber.

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