WASHINGTON ó A survey released Friday shows Americansí outlook for the economy picked up in late January, suggesting an improving job market may offset the impact of higher taxes.
The University of Michiganís final January survey of consumer sentiment rose to 73.8. Thatís up from a preliminary reading of 71.3, released on Jan. 18. And itís slightly better than Decemberís reading of 72.9.
The preliminary survey reflected consumersí initial reaction to an increase in Social Security taxes, which took effect in early January. A separate survey from the Conference Board also showed consumer confidence fell in January because of the tax increase.
On Friday, the government said the economy added 157,000 jobs in January and hiring was stronger at the end of 2012 than previously thought.Copyright © 2014 Paddock Publications, Inc. All rights reserved.