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Consumer Confidence Drops to 14-Month Low
Americans became more pessimistic about the economy in January when an increase in federal payroll taxes began to reduce take-home income, according to the New York City-based Conference Board.
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Americans became more pessimistic about the economy in January when an increase in federal payroll taxes began to reduce take-home income, according to the New York City-based Conference Board.
The research group's Consumer Confidence Index fell to 58.6 this month from a revised 66.7 in December. The gauge has fallen from 73.1 in October to the lowest reading since November 2011.
The board's index of current and future conditions also declined sharply. Economists note that as expectations decline, consumers are likely to curb spending.
The share of Americans planning to buy a car in the next six months fell to an 11-month low near 10%, according to the Conference Board. It says the percentage of survey respondents who expect more jobs to be available in six months dropped to about 14% from nearly 18% in December.
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