Consumer Confidence Sinks Further

Coming off of a tough December, the Conference Board’s Consumer Confidence Index fell further in January.

The index fell to 58.6 for the month, compared to 66.7 registered in December. The index compares today’s current confidence levels using 1985 as the baseline.

"Consumer confidence posted another sharp decline in January, erasing all of the gains made through 2012,” said Lynn Franco, director of economic indicators for the Conference Board. “Consumers are more pessimistic about the economic outlook and, in particular, their financial situation. The increase in the payroll tax has undoubtedly dampened consumers’ spirits and it may take a while for confidence to rebound and consumers to recover from their initial paycheck shock."

Consumers claiming business conditions are "good" declined to 16.7% from 17.2%, while those stating
business conditions are "bad" increased to 27.4% from 26.3%. Consumers’ assessment of the labor market
also has grown more negative, and their outlook for the labor market was more pessimistic. Those anticipating more jobs in the months ahead dropped to 14.3% from 17.9%, while those expecting fewer
jobs continued to sit at 27%.

The Goodyear Tire & Rubber Company has named Ryan Waldron as president of the company's Americas business unit, reporting to Chief Executive Officer and President Mark Stewart. He succeeds Steven R. McClellan, who retired on April 1.

"At Goodyear, our customers are at the center of everything we do, and in Ryan Waldron, we have a customer-centric, execution-focused business leader with a deep understanding of both the marketplace and all aspects of our business, as well as a proven track record of delivering results," Stewart said. "I am thrilled to announce him as president of Goodyear's Americas business and have enormous confidence that under his leadership, both the company and our customers will reach even greater levels of success."