The Leading Formula Provides A Different Look

The leading formula, calculated from tax withheld rather than total receipts, provides a slightly different perspective of economic activity in the United States.  It's tendency to turn ahead of the formula's trend provide it with leading characteristics.

Chart: The Leading Formula: US Dollar and Federal Taxes Withheld (TW) Less Total Government Outlays (TO) As A % of GDP, 12 Month Moving Average

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