"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:  
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Nice to see timely numbers... I'd like the raw data please

I'm glad to see the County Commissioners pursuing accurate and timely data - that is a major step in the right direction. The news, of course, is astoundingly bad, as would be expected.

It is nice to look at some really useful Regional Economic data for a change - and this seems like a timely and valid analysis... one metric for our Real NEO economic dashboard - and an important one.

I'd like to see public access to the actually dollar amounts - while Zeller's chart and analysis are valid I think the public should have as near real time access to the source data behind this analysis - actual monthly sales figures - monthly RTA budget, etc... real time financial modeling, and automated tools for analyzing the data, like Zeller did here.

But, whether looking at raw data or analyses, the reality learned here is not the reality presented by the Fund For Our Economic Future's official regional dashboard of economic indicators, and today's current data does not support any of the assumptions or conclusions of that initiative, so now is a good time to replace that failed effort with more of what is seen in this report - timely, real measures of the current performance of our economy.

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