Personal Income

Illinois' Economic Growth Is Worse Than During The Great Depression

America’s Great Depression started off worse from 1930-1932, but the recovery came on stronger. By contrast, Illinois did not have as steep of a fall during the first years of the Great Recession, but Illinois’ recovery from the Great Recession has been abysmal.

State Corporate Tax Receipts Just Crashed The Most Since The Recession

After flatlining for the past year, US income tax receipts  have been disappointing, and have posted a sharp drop since the start of the year, which is "sounding an alarm about the health of the US economy." More concering, corporate income tax receipts at the state level fell a sharp $7bn in 1Q, the biggest drop since the recession 

The Demographic Divide: A Police State Of Mind

"... the last thing any of us want to see is a Police State of any kind. But the growing risk is that the next recession and deflating asset prices could well alter the rules of engagement between federal and state authorities on more levels than any of us care to envision."

Quiet Month End Markets Hide "Below The Surface" Fireworks

It has been another quiet session for global equity markets, with S&P futures flat, as are European and Asian stocks, which is perhaps odd, as there was quite a bit of newsflow and, in the case of China, outright fireworks.

Personal Spending Growth Tumbles To 7-Month Lows After Dramatic Revisions

Having weakened to unchanged for the last two months, April saw personal spending rise 0.4% MoM (as expected) and personal income rise 0.4% MoM (as expected). However, year-over-year growth in spending (+4.3%, weakest since Sept 2016) and income (+3.6%, weakest since Jan 2017) both signaled a rolling over of the post-Trump exuberance (just in time for another rate-hike by the The Fed).

Greek, Italian Risks Weigh On European, Global Markets; Oil, Gold Slide

Tuesday's session started off on the back foot, with the Euro first sliding on Draghi's dovish comments before Europarliament on Monday coupled with a Bild report late on Monday according to which Greece was prepared to forego its next debt payment if not relief is offered by creditors, pushing European stocks lower as much as -0.6%. However the initial weakness reversed after Greece denied the Bild report. S&P futures are fractionally lower

Key Events In The Coming Busy Week: US Payrolls; Eurozone Inflation And Fed Speakers

Focus in this holiday-shortened week will turn to US data, especially NFP, Fed speakers and Eurozone inflation. UK PMIs will also draw attention as elections approach. We also get GDP data from Canada, Sweden and Switzerland. On Monday, Euro FX and bond markets will be on Mario Draghi alert on Monday as the ECB president speaks to the European parliament.

Illinois Democrats In Senate Pass 33% Hike Of Personal And Corporate Income Taxes

Senate Democrats in Illinois are pushing ahead with a new budget proposal that includes a massive personal and corporate income tax hike and an expansion of the state's sales tax, after saying they are no longer willing to wait for a broader deal with Republicans.  In all, the package is expected to cost Illinois taxpayers an incremental $5 billion.