Boosted by
spending related to Easter, sales tax receipts net of refunds exceeded $200
million during the past week, which was close to the amount that might have
been expected. For the fiscal year to
date, retail sales taxes are also running very close to estimates, with a slight
negative variance of just 0.5 percent.
Job and
income growth should continue to support consumer spending, but this tax source
will need to be monitored closely.
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