Federal Tax Withholding Growth Moved Back Down in November, Suggesting Weakening Economywide Wage Growth
Posted on November 29, 2022 We estimate that growth in federal tax withholding–amounts of income and payroll taxes withheld from workers’ paychecks and remitted to the U.S. Treasury–grew by 3.9 percent in November compared to the amount from November of a year ago (see chart below). Withholding amounts tend to track overall wages and salaries […]
New Data on Economywide Wages and Salaries for 2022Q2 Indicate a Possible Downward Revision to the Corresponding Data in the National Income and Product Accounts in Next Week’s Release
Posted on November 22, 2022 Happy Thanksgiving Week to you. Every three months the Bureau of Labor Statistics (BLS) releases data on employment and wages from the Quarterly Census of Employment and Wages (QCEW) for the quarter ending about five months earlier, so definitely backward looking. Today BLS released the partial QCEW data for the […]
Federal Tax Withholding Growth Moved Up in October Back Closer to its May-August Amounts, But Remains Below Direct Measures of Economywide Wage Growth
Posted on November 2, 2022 We estimate that growth in federal tax withholding–amounts of federal income and payroll taxes withheld from workers’ paychecks and remitted by employers to the U.S. Treasury–moved up in October, registering 5.7 percent growth (compared to amounts from October of a year ago, measuring so-called year-over-year growth). Withholding growth returned close […]