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"DISTURBING" DECLINE IN CUYAHOGA SALES TAX
Submitted by Roldo on Tue, 03/24/2009 - 16:24.
The decline in sales tax receipts in March for Cuyahoga County was the highest in two decades, indicating troubles in retail sales here.
These figures reflect the poor economy in northeast Ohio.
“Unusually disturbing,” George Zeller calls of the sales tax revenue decline in Cuyahoga County. He did the research project for Cuyahoga County.
The March monthly decline was the “worst decline seen in any month,” a minus 8.7 percent during the period from 1990 to this year.
The high point was in Feb. 2001 and since then sales tax receipts are down a substantial 18.4 percent.
This despite, Zeller writes a decline in the Consumer Price Index, which makes the sales tax receipts even more disturbing.
In 12 of the last 13 months, sales tax receipts here have declined.
That suggests trouble in the retail business in this area. It also seems to reflect the drop in advertising being experienced by newspapers and broadcasters.
The figures also may confirm that the recession here is actually deepening, says Zeller.
For a full look at Zeller’s report go to: