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States of Disarray

Tuesday, June 29, 2010, 6:46 AM
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One reason that I am unconvinced that we are in anything that can credibly be called "recovery" is that the US states have been turning in increasingly poor economic data throughout, especially in my favorite data series, 'sales tax.'  It's my favorite because sales tax receipts are not subject to statistical massaging or seasonal adjustments.  They are merely collected and reported.

I've never been able to satisfactorily resolve the gap between Federal Government reports of steadily increasing levels of consumer spending/income vs. declining sales tax receipts and stubbornly high unemployment.

Let's begin with the federal data on spending and incomes:

 

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