Category Archives: USA

California sales tax revenue history

Our new state tax revenue section makes it easy to view the effects of the current economic downturn on state tax revenues. Take for example the case of California. As shown in the graph below, revenue from sales taxes hit a peak of $9.5 Billion in Q4 2007 and a recent low of $7.3 Billion in Q1 2009. The amount collected for Q2 2010 (which is the most recent amount reported to the US Census Bureau) was $9.1 Billion, which some would argue is clear proof that the economy is recovering, while others say that it is just a temporary increase due to temporary government stimulus.

Source: US Census Bureau

Official US Holidays 2011

Federal law (5 U.S.C. 6103) establishes the following public holidays for Federal employees. Please note that most Federal employees work on a Monday through Friday schedule. For these employees, when a holiday falls on a non-workday — Saturday or Sunday — the holiday usually is observed on Monday (if the holiday falls on Sunday) or Friday (if the holiday falls on Saturday).

Friday, December 31, 2010* New Year’s Day
Monday, January 17 Birthday of Martin Luther King, Jr.
Monday, February 21** Washington’s Birthday
Monday, May 30 Memorial Day
Monday, July 4 Independence Day
Monday, September 5 Labor Day
Monday, October 10 Columbus Day
Friday, November 11 Veterans Day
Thursday, November 24 Thanksgiving Day
Monday, December 26*** Christmas Day

* January 1, 2011 (the legal public holiday for New Year’s Day), falls on a Saturday. For most Federal employees, Friday, December 31, 2010, will be treated as a holiday for pay and leave purposes. (See 5 U.S.C. 6103(b).)

** This holiday is designated as "Washington’s Birthday" in section 6103(a) of title 5 of the United States Code, which is the law that specifies holidays for Federal employees. Though other institutions such as state and local governments and private businesses may use other names, it is our policy to always refer to holidays by the names designated in the law.

*** December 25, 2011 (the legal public holiday for Christmas Day), falls on a Sunday. For most Federal employees, Monday, December 26, will be treated as a holiday for pay and leave purposes. (See section 3(a) of Executive order 11582, February 11, 1971.)

Source: United States Office of Personnel Management

Official US Holidays 2010

The table below shows the list of public federal holidays for 2010. Note that Friday December 31, 2010 is also a holiday since January 1, 2011 falls on a Saturday.

Friday, January 1 New Year’s Day
Monday, January 18 Birthday of Martin Luther King, Jr.
Monday, February 15 Washington’s Birthday
Monday, May 31 Memorial Day
Monday, July 5 Independence Day
Monday, September 6 Labor Day
Monday, October 11 Columbus Day
Thursday, November 11 Veterans Day
Thursday, November 25 Thanksgiving Day
Friday, December 24 Christmas Day

 

The source for the list of public holidays is the United States Office of Personnel Management

2009 US Holidays

The following table shows the official United States federal holidays for 2009.

Thursday, January 1 New Year’s Day
Monday, January 19 Birthday of Martin Luther King, Jr.
Monday, February 16 Washington’s Birthday
Monday, May 25 Memorial Day
Friday, July 3 Independence Day
Monday, September 7 Labor Day
Monday, October 12 Columbus Day
Wednesday, November 11 Veterans Day
Thursday, November 26 Thanksgiving Day
Friday, December 25 Christmas Day

 

The source for the list of public holidays is the United States Office of Personnel Management

Total Consumer Credit Outstanding in the US

A sobering graph from the St. Louis Fed shows the total consumer credit outstanding in the US. It’s clear from the graph that consumer borrowing went into overdrive starting in the early 1990s. The big question for creditors now is how much of the borrowed money will be paid back while unemployment continues to increase.

Total consumer credit outstanding in the US

Source: Federal Reserve Bank of St. Louis