Courtesy of Mish.
On Tuesday we heard news that July retail sales rose, breaking a three-month downtrend.
Doug Short at advisor Perspectives has a great set of charts in his report Retail Sales: At Last, an Improvement!
Doug puts the improvement in proper perspective. However, my first thought in reading the report was “July sales will be likely revised lower“.
Now I’m Wondering “What’s Going on in California?”
My change in perspective come from looking at California State Finances for July 2012.
Compared to Budget
Total Revenues: -$475 million (-10.1%)
Income Tax: $12 million (0.4%)
Corporate Tax: $57.1 million (27.4%)
Compared to 2011
Total Revenues: -$468.8 million (-10%)
Income Tax: $156.2 million (5%)
Corporate Tax: -$26.4 million (-9.1%)
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