Tax Refund Tumble Tells Tale Of Tumultuous Recovery
by Tyler Durden
ZeroHedge.com
03/14/2016
As we detailed previously, the growth of federal income and employment tax withholdings, the broadest and most timely read on the health of the job market “has been sinking at an alarming rate.” What is worse, as ConvergEx’s Nick Colas notes, IRS and Treasury data show refunds tracking 2-3% below last year’s levels – not good news for companies that focus on the low-end consumer, the cohort that tends to spend (rather than save) their refunds.
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