A gauge of consumer sentiment rose in January more than Wall Street had expected, but overall levels remained relatively low with respondents concerned over higher payroll taxes.
The University of Michigan-Thomson Reuters sentiment gauge rose to a January reading of 73.8, up from 72.9 in December. Economists polled by MarketWatch had expected a final January reading of 71.5, compared with a preliminary reading of 71.3, with higher payroll taxes continuing to weigh on consumers' moods.
"The end of the payroll tax holiday had a significant impact on consumer confidence, especially among lower-income households," said Richard Curtin, the survey's chief economist.
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