High and Rising Growth Continues in Economywide Tax Withholding and Wages
Posted on November 29, 2021 Summary Withholding of income and payroll taxes remained strong in November, up by 17.6 percent over the past two years, we estimate. Two-year growth around that level in recent months hasn’t been seen since 2006. Wages and salaries as measured in the National Income and Product Accounts (NIPAs) have been […]
New Data on Economywide Wages and Salaries for 2021Q2 Appear Roughly Consistent with Amounts Currently Measured in the National Income and Product Accounts
Posted on November 23, 2021 Happy Thanksgiving Week to everyone. New data on tax collections in November are somewhat sparse, with no major quarterly payments due from individuals or corporations, and with no payment deadlines for final payments with tax returns. Mostly November tax collections consist of income and payroll tax amounts withheld from paychecks. […]
Economywide Wages Have Been Improving in Recent Months, and the BLS Establishment Report Shows the Least Improvement of Major Measures
Posted on November 9, 2021 The Bureau of Labor Statistics (BLS) released its monthly establishment report last Friday, showing unambiguously that employers added many jobs in October, and also more than its preliminary estimates for August and September. That’s good news. Regardless, the establishment report is showing the least amount of increase in wages among […]
Growth in Tax Withholding Remained Strong in October Despite a Pullback from September’s Anomalous Amounts
Posted on November 3, 2021 First, we measure that economywide income and payroll taxes withheld from workers’ paychecks and remitted to the U.S. Treasury (so-called tax withholding) was strong in October, increasing by an estimated 15.8 percent compared to the amount from the same month two years ago, before the pandemic (see solid line in […]