Consumer confidence drops sharply
January 29, 2013
The Conference Board’s Consumer Confidence Index dropped by 8.1 percentage points in January after falling 4.8 points in December. The January index level of 58.6 is the lowest since November 2011. It has been a sharp decline for the index, which in October was at its highest point since February 2008.
“Consumer Confidence posted another sharp decline in January, erasing all of the gains made through 2012,” says Lynn Franco, director of economic indicators at The Conference Board. “Consumers are more pessimistic about the economic outlook and, in particular, their financial situation. The increase in the payroll tax has undoubtedly dampened consumers’ spirits and it may take a while for confidence to rebound and consumers to recover from their initial paycheck shock.”
The monthly Consumer Confidence Survey is conducted for The Conference Board by Nielsen. The cutoff date for the preliminary results was Jan. 17. The base year for the index is 1985.
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