ECONOMY SLUMPS AS STIMULUS FADES, From Charles Biderman, CEO, TrimTabs
The beast measure of the U.S. economy’s health—wages and salaries—indicates the U.S. economy is losing momentum. We measure wages and salaries in real time based on the income and employment taxes withheld from the paychecks of the 130+ million salaried U.S. workers. Adjusting for our revised estimates of the “Making Work Pay” tax credit and COBRA withholding tax reimbursements, income tax withholdings rose only 2.1% year-over-year in the two weeks and four days ended Wednesday, July 28 (Friday, July 9 through Wednesday, July 28). This growth rate is below the growth rate of 2.7% year-over-year in the past three months, suggesting withholdings are flat to slightly lower sequentially.
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