By  on January 29, 2013

The impact of higher payroll taxes hurt consumer confidence in January, causing it to drop to its lowest level since November 2011.

The Conference Board, which tracks its own Consumer Confidence Index each month, said the gauge fell 8.1 points, to 58.6, from last month’s reading of 66.7. That’s a decline for three straight months since hitting a five-year high of 73.1 in October 2012. Economists were generally expecting a slight dip to 65.

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