U.S. consumer confidence plunges on higher taxes
WASHINGTON – 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 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.
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.
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