Beer sales take a knock from payroll tax hike

July 23, 2013 at 13:56 PM EDT

Now this is serious! Beer sales take a knock from payroll tax hike By Arjun Kharpal July 23 (CNBC) — U.S. beer sales declined in the first half of 2013 fueled by the payroll tax hike and a jump in unemployment among young men, according to research published on Tuesday. The beer market posted 1 [...]

Now this is serious!

By Arjun Kharpal

July 23 (CNBC) — U.S. beer sales declined in the first half of 2013 fueled by the payroll tax hike and a jump in unemployment among young men, according to research published on Tuesday.

The beer market posted 1 percent growth in 2012, in-line with pre-recession averages, driving hopes that the worst was over for the industry.

But beer sales dropped 3 percent in the three months to May 2013 and are down 2.6 percent in the year to date, Bernstein Research analysts said in a note.