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progree

(10,961 posts)
30. Maybe so, maybe so, but kinda doubt that this accounts for that much of the withholding slowdown
Fri Sep 2, 2022, 03:43 PM
Sep 2022

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.



Links to some BLS Data Series Numbers and Graphs progree Sep 2022 #1
ADP is back to issuing its monthly reports. mahatmakanejeeves Sep 2022 #7
Private sector employment: ADP estimates +132k, BLS +308k. /nt progree Sep 2022 #10
New and improved, too. I don't know. mahatmakanejeeves Sep 2022 #12
Alexandra captured some of Emily's quick-firing mojo BumRushDaShow Sep 2022 #16
Whoa, get back. mahatmakanejeeves Sep 2022 #17
WaPo lists that time but the article wasn't up on their site until later BumRushDaShow Sep 2022 #19
Payroll job revisions: June: -105,000, July: -2,000, Combined: -107,000 progree Sep 2022 #15
Links to earlier reports: mahatmakanejeeves Sep 2022 #2
According to GOP & RNC the sky is falling, meanwhile the Historic NY Sep 2022 #3
The more jobs reports like this Calista241 Sep 2022 #11
They'll say he missed his expected target IronLionZion Sep 2022 #21
This is the part where I say, "From the source:". mahatmakanejeeves Sep 2022 #4
NYT BumRushDaShow Sep 2022 #5
Biden and his econ team BootinUp Sep 2022 #6
I like the runaway plane sandpile at the end IronLionZion Sep 2022 #8
Let's Go Brandon! IronLionZion Sep 2022 #9
I welcome their tears! moose65 Sep 2022 #24
My Response: Dang erpowers Sep 2022 #13
WaPo BumRushDaShow Sep 2022 #14
Labor Force: +768,000. Employed: +442,000, Unemployed: +344,000 progree Sep 2022 #18
This part from that "Investor's Business Daily" article BumRushDaShow Sep 2022 #22
I dunno, I haven't seen tax withholdings used as an economic indicator before progree Sep 2022 #23
The only thing, stats wise, that I could come up with BumRushDaShow Sep 2022 #26
The big slowdown in withholding growth that IBD talks about is from May thru August 26 progree Sep 2022 #28
You had this near the bottom of that article BumRushDaShow Sep 2022 #29
Maybe so, maybe so, but kinda doubt that this accounts for that much of the withholding slowdown progree Sep 2022 #30
As I was reading your post while my news radio station was on BumRushDaShow Sep 2022 #31
And despite that, Jobs overall increase 678k/mo over the last 4 months? According to the progree Sep 2022 #32
"The teachers aren't finding other work?" BumRushDaShow Sep 2022 #33
I'm glad I'm about to croak and don't have kids or grandkids, but I feel bad for my progree Sep 2022 #34
Yeah I saw the sudden market reversal BumRushDaShow Sep 2022 #36
This makes me smile LetMyPeopleVote Sep 2022 #20
Stocks surge after August jobs report, progree Sep 2022 #25
Stock market news live updates: Stocks turn red, forfeit post-jobs report gains progree Sep 2022 #27
Dow drops 338 points after August jobs report. former9thward Sep 2022 #35
Latest Discussions»Latest Breaking News»August jobs report: U.S. ...»Reply #30