US Tax Receipts Have Never Done This Without A Recession

US Federal Tax Receipts are rising at just 1.2% year-over-year (12-mo rolling), slowing drastically from its 13.4% YoY growth in June 2013. While "it's probably nothing," we thought readers may be interested to note that the last six times tax receipt growth was at this weak a level, the American economy was in recession...



So ignore US Tax receipts (hard data), ignore US productivity (hard data), ignore the bond market (hard data), and ignore GDP expectations... but pay attention to the non-farm payrolls headline data - because that's what you're told to do!!


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