Aug

13

The Monthly Treasury Statement for July has just been published. Of particular concern is the Hospital Insurance (Medicare tax) payments for self-employed enterprises. They continue to languish.

Historically there are no direct causal relationships between this data and equity prices. That is, no one is going to see this data and draw any connection to equities. Most people have no idea that the data exists, and following it is problematic for most (especially financial journalists). The safest thing one can say is that the data does not support any rumors of a renaissance in ultra-small (self-employed) businesses. But you knew that, didn't you.


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