Commission on Government Forecasting and Accountability
C.D. Davidsmeyer, Co-Chair
David Koehler, Co-Chair
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May 2024 Monthly Briefing
ECONOMY: Economy: Housing and Auto
Benjamin L. Varner, Chief Economist

In the spring of 2022, the Fed began tightening monetary policy to address an overheating economy, reduce high inflation rates, and better align a very tight labor market. This month, the Commission will examine how two industries thought to be more sensitive to interest rate hikes, housing and auto sales, have responded to these policy changes.

REVENUE: Modest Decline in May Receipts Eats Away a Slice of Year-to-Date Gains
Eric Noggle, Revenue Manager

After experiencing an uptick in receipts last month, deposits into the State’s General Funds slipped somewhat in May falling $217 million. This was a decline of 5.8% when compared to May of last year, which had the same number of receipting days. While the revenue performance was mixed, the extent of the overall drop was mostly because of a sizeable decrease in Federal Sources. Otherwise, revenues from State sources were essentially flat for the month.

With May revenues included, General Funds receipts now total $47.7 billion for FY 2024 with only one month remaining in the fiscal year. This figure is $986 million or 2.1% above last year’s eleven-month total.