Egg Face- Withholding Collections Growth Drops To Zero

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The annual rate of change in withholding tax collections through Thursday, February 25, adjusted for wage and salary inflation, was essentially zero, putting the US economy on the verge of dropping into recession. It has been trending down since October, just not as badly as it had appeared. At the same time, the data still shows that the February jobs number will be a huge negative surprise. Here’s why.

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also provide analysis and charts for David Stockman's Contra Corner which I developed for Mr. Stockman. I’ve had a wide variety of finance related jobs in the past 44 years, 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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