The higher taxes that most consumers are facing this year as a result of the payroll tax hike won’t be enough to stunt growth in consumer spending, according to JPMorgan’s chief market strategist, David Kelly.

The payroll tax rose two percentage points to 6.2% as part of the deal established at the end of last year to avert the fiscal cliff, and consumer confidence has been down since the start of the year. As measured by The Conference Board, consumer confidence dropped nearly ten points in January from 68.1 to 59.5 due in part to the smaller paychecks many consumers received this year, he said. According to Kelly, however, that initial shock will not sink demand for the remainder of the year.

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