Federal Withholding Tax Collections Are Plunging

Withholding tax collections have weakened in July, breaking down from the narrow range of 5-6% annual nominal growth they had been in throughout the second quarter. The nominal growth rate declined to +2.4% this week, which is near or below zero growth in real terms, depending on what you believe the inflation rate to be.

Download this report to view the real time data through July 29 in chart and table format and read the analysis of the implications for the coming US economic data releases for July. It will give you a leg up in preparing for those releases and the market reactions.

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both analytical and sales capacities. Prior to starting the Wall Street Examiner I worked as a commercial real estate appraiser in Florida for 15 years. I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. My perspective is not of the Ivory Tower. It is from having my boots on the ground and in the trenches of the industries that I analyze and write about today. 

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