Tax receipts rose in February year-on-year but as I've said before, different data can sometime lead to faulty conclusions. Year-on-year is certainly the most appropriate comparison but YoY plots seem to make some pundits conclude that a recovery is occurring when only stabilization is taking place. It needs to be remembered that February 2009 had the lowest monthly tax receipts in 14 years, therefore an increase would have been expected in February 2010. Nevertheless, like many other data points at the moment, the indication is of stabilization, i.e. things have stopped getting worse, as shown in the chart below.