Americans are still in paycheck shock over higher Social Security taxes which are resulting in less take-home pay, according to an Associated Press story on Tuesday.
The Conference Board said Tuesday that its consumer confidence index dropped 8.1 points in January from December to a reading of 58.6, the lowest since November 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.
It may take a while for confidence to rebound and consumers to recover from their initial paycheck shock, Franco said in the Associated Press story. What are you experiencing? Are your customers spending more? Are you spending more as a customer?
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