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Consumers Cutting Back

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  • Description

    FBN’s Jeff Flock explains how the payroll tax hike is affecting consumer spending and the economy.

  • Duration 1:47
  • Date

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Jeff Flock is in Chicago -- story Jeff.

And -- a week.

Third quarter results are common look out below what types not a perfect storm of stuff but it's not a good thing right at the moment Arden is just the latest.

Other companies to say.

This sort of perfect storm -- -- on perfect storm is coming together really hurt them take a look at the other retailers pinched as well in addition to Darden which Wal-Mart.

They say he had told telling Wall Street Journal today they are going with cheaper and smaller items I didn't know well Wall Street could error wall market find cheaper items but there -- -- Kraft says.

It is introducing.

A lower priced items as well -- smaller packaging as well to help consumers Burger King.

-- -- with their value menu they've cut the price of the junior whopper and Tyson Foods also with lower priced offerings they say they need to react to this new reality.

Reminding you just what this tax bite is.

If you make 50000 dollars a year you make a thousand dollars less now as a result of the payroll tax holiday expiration that's 38 bucks a week and it comes.

Just when.

They sadly the gas prices continue to rise triple -- fuel gauge again today up another penny that's 47 cents in the last month.

But fair and balanced not everybody thinks this is a problem.

Multiple companies saying that don't worry about it's going to be okay Clorox is CEO telling the Wall Street Journal.

As the payroll tax shock wears off consumers are going to get more accustomed to the new rate -- keep in mind of course.

You know the payroll tax holiday.

Goes that money goes to Social Security if I want Social Security around -- get old which I'm doing rapidly.

It's -- -- heading into it.

But it's still not a great time with the gas prices up at the same time not at Defcon consumers definitely feeling the pinch of Jeff nice --

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