Survey: Payroll tax rise leads consumers to tighten belts

More than 70% of U.S. consumers said they are spending less after a payroll tax rise has taken a bite out of their take-home pay, according to a survey for NRF from BIGinsight. The higher tax is also contributing to smaller first-quarter profits at Wal-Mart, the retailer said Thursday morning. "We cannot grow the nation's economy until consumers consume," said NRF President and CEO Matthew Shay.

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