For the month, revenue collections grew 8.3 percent above October of last year. The solid monthly growth is driven by a surge in individual income tax receipts.
Economic indicators continue to depict a healthy, albeit cooler, national economy.
The Commerce Department reported that real GDP grew at a 2.7 percent rate in the third quarter, slightly lower than expectations. Personal income increased a strong 1.1 percent in September, however, excluding the effect of federal agricultural subsidy payments, growth was a more moderate 0.4 percent. Consumer spending remains solid, increasing 0.8 percent in September. The unemployment rate remained steady at 3.9 percent in October, although the economy created fewer jobs than anticipated, with employers adding only 137,000 jobs to payrolls. A jump in energy prices pushed the CPI up 0.5 percent in September, while the core rate of inflation rose 0.3 percent.