Collapsing Federal Revenues Through February 4 Show US In Deepening Recession

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The annual rate of change in withholding taxes has grown increasingly negative in inflation adjusted terms for more than a month. Following on the heels of a weak December, it is a clear sign that the US has entered recession. Other data confirms. As reported here previously, withholding tax collections accurately foreshadowed a negative surprise in the January nonfarm payrolls headline print. February looks much worse in the early going.

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor for 16 years and also work with David Stockman on his website, which I developed, and for which I continue to provide analysis and charts. I’ve had a wide variety of jobs, mostly related to finance for the past 40 years including a stint on Wall Street in both analytical capacities and sales. 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 when I was young. I have been charting stocks and markets, and doing analytical work of various kinds, since I was a teenager. My perspective is not of the Ivory Tower. It is instead from the perspective of having my boots on the ground and in the trenches of the industries that I analyze and write about today. 

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