Tax Data Shows US Economy Slowed In May

Share!Tweet about this on TwitterShare on FacebookShare on LinkedInEmail this to someonePrint this page

Real time withholding tax collections had a meager gain in May, increasing by just 3.3% in nominal terms. Adjusting for the reported wage inflation for April of +2.5%, the indication is that the US economy barely grew at all in May. That’s no different than the low end of the growth range of the past year or more.

While this suggests that economic data for May could come in weaker than expected, the jobs data should have beaten the consensus. The BLS headline seasonally adjusted number looks too low. This report explains why, and what to look for that would indicate recession.
Federal Revenues Pro Trader subscribers (or Professional Edition), click here to download complete report in pdf format.

Federal Revenue Investor Monthly subscribers, click here to download complete report.

Try the Federal Revenues Report risk free for 90 days! You can subscribe to the Federal Revenues Report on a monthly or weekly basis.

Enter your email address in the form to receive email notification when Professional Edition reports are posted.

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. 

Leave a Reply