- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Tom Moeller April 12, 2016
The U.S. Treasury Department reported a $108.0 billion budget deficit during March of 2016, roughly double the size of the $52.9 billion deficit twelve months earlier. A $94.0 billion deficit had been expected in the Action Economics Forecast Survey. During the first six months of FY'16 the deficit totaled $461.0 billion, up 4.9% versus the first six months of FY'15.
Overall revenues increased 4.0% so far in FY'16 versus the first six months of FY'15. The gain was pulled lower by a 7.7% y/y fall in corporate income tax payments, compared to 7.2% growth last year. Individual income taxes grew a diminished 5.2% y/y. Social insurance contributions increased 2.8% y/y while excise taxes edged 0.4% lower y/y.
Government spending increased 4.2% y/y so far in FY'16. Outlays on health programs gained 7.9% y/y with the Patient Protection and Affordable Care Act. Veterans Benefits & Services rose 6.1% y/y. Medicare payments increased 4.4% y/y while spending on Education, Training, Employment & Social Services similarly gained 4.4% y/y. Social Security benefits rose 3.6% y/y, but National Defense Spending edged just 0.1% higher y/y. Income security payments eased 0.1% y/y with the lower unemployment rate. Interest payments increased 18.2% y/y.
Haver's data on Federal Government outlays and receipts are contained in USECON. Considerable detail is given in the separate GOVFIN database. The Action Economics Forecast Survey numbers are in the AS1REPNA database.
|United States Government Finance||March 2016||FY'15||FY'14||FY'13||FY'12|
|Budget Balance||--||-$108.0 bil.||-$438.9 bil.||-$483.4 bil.||-$680.2 bil.||-$1,089.2 bil.|
|As a percent of GDP||--||--||2.5||2.8||4.1||6.8|
|% of Total|
|Net Revenues (Fiscal YTD, Y/Y % Change)||100||4.0%||7.6%||8.9%||13.3%||6.4%|
|Individual Income Taxes||47||5.2||10.5||5.9||16.3||3.7|
|Corporate Income Taxes||11||-7.7||7.2||17.3||12.9||33.8|
|Social Insurance Taxes||33||2.8||4.1||8.0||12.1||3.2|
|Net Outlays (Fiscal YTD, Y/Y % Change)||100||4.2||5.2||1.4||-2.4||-1.7|
|Veterans Benefits & Services||4||6.1||6.8||7.7||11.5||-2.0|
|Education, Training, Employment & Social Services||3||4.4||34.7||25.9||-21.9||-10.3|