The federal government's revenues are outpacing its outlays compared with 2014. This and other positive economic factors have strengthened the U.S. dollar, which is a drag on commodity prices.There is much to be read in the economic tea leaves lately that points to a strong U.S. economic recovery. First of all, total receipts for the federal government are up for the first 10 months of the fiscal year. The reasons for this are:
Income tax withholding was up 6 percent or $100 billion, most likely from gains in wages and salaries. Non-withheld tax receipts were up 16 percent or $71 billion, reflecting growth in non-wage income such as that of entrepreneurs. Corporate income taxes increased by 9 percent or $22 billion as a result of highe...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
