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US consumer confidence plunges on higher taxes



Published: Tue, January 29, 2013 @ 2:46 p.m.

WASHINGTON (AP) — U.S. consumer confidence plunged in January to its lowest level in more than a year, reflecting higher Social Security taxes that left Americans with less take-home pay.

The Conference Board said today that its consumer confidence index dropped 8.1 points in January from December to a reading of 58.6, the lowest since November 2011.

The index has declined for three straight months since hitting a nearly five-year high of 73.1 in October 2012. It's still above the post-recession low of 40.9 reached in October 2011.

Conference Board economist Lynn Franco said the tax increase was the key reason confidence tumbled in January, making Americans less optimistic about the next six months.

For a worker earning $50,000 a year, take-home pay will shrink this year by about $1,000.

"It may take a while for confidence to rebound and consumers to recover from their initial paycheck shock," Franco said.


Comments

1georgejeanie(884 comments)posted 1 year, 10 months ago

Should have thought of that b/4 you dumbocrats elected the obamanator to 4 more years.

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2Ytownnative(1062 comments)posted 1 year, 10 months ago

Hold on
the oblamer is replacing those people with others who give him better numbers

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3UNCOMMONSENSE(389 comments)posted 1 year, 10 months ago

Someone has to pay for two unfunded, off budget wars.

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4busyman(239 comments)posted 1 year, 10 months ago

This was not surprise. Why does everyone want to blame Obama? His term initiate this plan to help spur the economy. Everyone knows it was only a temporary reduction. If your turn in the smart phones and reduce all the eating out by the obese people, you can offset this tax break that was only ment to be short lived.

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5redeye1(4690 comments)posted 1 year, 10 months ago

Maybe everyone should just stay home and not go to any restaurants, bars and only buy what they really need and nothing else. Don't buy any new cars or trucks just keep driving your old cars . Quit giving to charities such as the UnitedWay and the Salvation Army , red cross etc. Then everyone would have lots of extra money for their smart phones. What do you think busyman?

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6Ytownnative(1062 comments)posted 1 year, 10 months ago

Your right I forgot fearless leader can do no wrong

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