Real time withholding tax collection data rebounded in recent weeks and no longer show the US economy contracting. However, the trend of the growth rate remains down. The data has made lower highs and lower lows since last August.
The full month’s data for March in both withholding and other Federal taxes is now in and analyzed in this report.
Meanwhile, there is clearly something wrong with the government’s numbers for the March jobs data. The withholding tax data for the week the jobs survey is done do not support the headline number.
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