The U.S economy struggled through 4Q12 with GDP increasing by only 0.4% as cutbacks began in anticipation of the fiscal cliff and sequestration. The fiscal cliff came and went but sequestration remained, which put downward pressure on personal income, which dropped by 3.6% in January. Despite this drop, income rose by 1.1% in February and is up by 2.6% on a year-over-year basis. On the job front, 475,000 jobs have been added through 1Q13. Consumer confidence started off the year low but increased dramatically by19.2% in February to the third highest level over the past twelve months.
Source : Cushman & Wakefield