Thanks to a 10 percent increase in tax revenue last month, the Congressional Budget Office has just reported a budget surplus of $58 billion for the month of April. This is the first monthly surplus they’ve recorded since the economic collapse of 2008.
To be fair though the month of April is almost always an out-lier as a data point in month-to-month US budget data due to it being tax collecting season. However, many analysts still suggest this is a positive sign of things to come.
For all of us savers out there, the continuation of positive economic data can only speed up the time frame the FED has for raising interest rates (currently set for early 2014).
Recent (Positive) Economic Data:
Despite a variety of troubling economic data (rising inflation, shaky markets, European worries) there are still a number of positive data points to take note of. Below are two that likely pose the greatest impact in the short term.
- The number of US job openings available as of March 2012 rose to 3.7 million – also the largest number since 2008.
- Crippling gas prices may be on the decline. As of the end of April, oil has fell to it’s lowest level in four months.