This is a real time indicator of economic activity. The top figure reads 33 billion two hundred twenty three thousand dollars. This is a small amount of federal revenue but it may be the best real time indicator of the economy.
Is it a trend? I have no idea.
Federal Unemployment Tax receipts are down also. Also small but indicative of new hiring. FUTA is collected, a very small percent, on the first $6,000 of payroll of each employee each year. Increased collections after the first three months of the year mean new people are being hired. If an employee gets a second job elsewhere the tax is also applied to the first $6,000 of the second job. I think that 2015 was the peak for people getting second jobs. They all have second jobs now and so there is no more labor available for the second jobs.
I hate to reveal how much I go out to eat and drink. Since local professional teams have been and are winning it is a lot. I make a point of asking the table servers and bar tenders if they have another job. 100% say yes. Yes, Obamacare. But that is not the point I am making. I am saying part time jobs may be tapped out.