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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (83322)	7/3/2007 12:10:27 PM
From: CalculatedRisk	Respond to of 110194

Where is the reporting on the consumer slowdown in Q2? (most likely housing related) I can't find any stories - is everyone going to be "surprised"? ROFLOL.

To: Les H who wrote (83322)	7/3/2007 12:52:06 PM
From: CalculatedRisk	Read Replies (1) \| Respond to of 110194

Arizona Recession? NOTE: Florida and Nevada are now in recession. Arizona and California are close to official recession. Some of the rustbelt states (Michigan, Indiana) are doing a little better, but that isn't saying much. On Arizona tax collection: azleg.gov May General Fund revenue collections were $735.2 million, or (13.9)% below May 2006. This amount was $(165.5) million below the monthly forecast based on the recently enacted state budget. ... Based on partial month data, we first reported last month that revenues would likely be below forecast in May. Now with full May data, the magnitude of the shortfall is clearer. The May results are primarily due to a decline in the level of individual income tax collections; however, sales and corporate income tax collections were also below forecast in May. For the major categories: • Individual income tax collections were (27)% below May 2006 and $(113.6) million below the recently enacted budget forecast. • Sales tax revenue growth was at the lowest level in more than 4 years. May collections fell short of the forecast by $(34.7) million. • Corporate income tax collections also fared poorly in May, with revenues declining by (9.6)% from last year.