December 12, 2012 ULCT’s Economic “Stop Lights” Continue to Improve
Almost all of the indicators are improving, except for unemployment claims, which stopped falling in June. Some surprises were:
1) Consumer sentiment jumped up into the 80s, good news for car and truck dealers.
2) The average wage for the first half of 2012 shifted up from 2% to 3.5%, indicating some improvements in the labor sector for employees (consumers).
3) Residential construction values are up almost 14% this year, this adds about 1.4% to sales tax all by itself.
4) Sales tax receipts for the first quarter of fiscal year 2013 are up 7.2%, slightly below our forecast last December of 7.8% for FY2013.
Now, if we can just not go too far over the cliff.