Sales and use tax collection continues to decline after adjustments for inflation. Using a weighted composite for the four largest states (California, Texas, New York, and Florida), the decline in real growth improved slightly from an annual decline rate of -2.41% in May to -2.20% in June. Texas grew at a rate of 4.16% in June after adjustments for inflation which is down from the hot pace of 8.37% it averaged for 2007. New York, dipped back to negative growth after seeing year over year growth for four months in a row. California's decline slowed to -4.88% in June up from -5.85% in May. California declined on average of -2.03% in 2007. Florida continued its steady fall, declining -8.34% in June. Florida averaged a decline of -2.70% in 2007.
Spending is taking a turn for the worse after almost making breaking into the positive side in April. It is looking like America will not be able to stave off the looming recession.
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