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In reply to the discussion: August jobs report: U.S. payrolls grew by 315,000 last month [View all]progree
(10,961 posts)The withholding numbers are not seasonally adjusted. So I decided to look at the unseasonally adjusted job numbers:
https://data.bls.gov/timeseries/CEU0500000001&output_view=pct_1mth
Apr May June July Aug in thousands
+984 +811 +1294 +550 +57
Last 3 months: 1,901,000 = 634k/mo average. Last 4 months: 2,712k = 678k/mo average.
So doesn't support a picture of much of the workforce not working in the summer. School may be out, but people are on net getting a lot of jobs in the summer. Payroll jobs, so there would be withholding there.
And about the Household survey's Employed (seasonally adjusted) only increasing by 55k/month average over the last 5 months?
And Labor Force growth only 67k/month?
While the headline payroll jobs numbers up 387k/month?
Or 2 quarters of back-to-back GDP declines and declining real wages?
I will have to dig for that tax withholding information to see if the same pattern holds in earlier years of a big dropoff over the summer
I got this far:
https://fsapps.fiscal.treasury.gov/dts/files/22083100.txt
Table IV Federal Tax Deposits -- 1st line is: Withheld Income and Employment Taxes.
https://fiscal.treasury.gov/reports-statements/dts/
This has it but only for 8/31/22 and the month of August and the Fiscal Year. "Withheld Income and Employment Taxes $ 11,764 $ 253,447 $ 2,875,619"
I'm sure there must be more consolidated information so I don't have to look at these monthly one by one and do a lot of spreadsheet tabulations. E.g. as starters to see if in 2019 (last pre-pandemic year) there was a big slowdown in withholding between May and August, and likewise earlier years.