- 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 June 10, 2016
The U.S. Treasury Department reported a $52.5 billion budget deficit during May of 2016, smaller than the $84.1 billion deficit twelve months earlier. So far in FY'16, however, the budget deficit totaled $407.1 billion, up 11.0% versus $366.8 billion in the first eight months of FY'15. A $60.0 billion deficit in May had been expected in the Action Economics Forecast Survey.
Overall revenues increased 1.7% so far in FY'16 versus the first eight months of FY'15. The gain was pulled lower by an 11.3% y/y decline in corporate income tax payments, compared to 7.2% growth in 2015. Individual income taxes grew a diminished 2.3% y/y. Social insurance contributions increased 2.7% y/y while excise taxes edged 1.8% lower y/y.
Government spending increased 4.4% y/y so far in FY'16. Outlays on health programs gained 7.2% y/y with the Patient Protection and Affordable Care Act. Veterans Benefits & Services rose 5.4% y/y. Medicare payments strengthened 4.4% y/y while Social Security benefits rose 3.4% y/y. Spending on Education, Training, Employment & Social Services gained 2.7% y/y, but income security payments eased -0.2% y/y. National Defense Spending declined 1.1% y/y. Interest payments increased 10.6% so far this fiscal year versus last year.
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||May 2016||FY'15||FY'14||FY'13||FY'12|
|Budget Balance||--||-$52.5 bil.||-$438.9 bil.||-$483.4 bil.||-$680.2 bil.||-$1,089.2 bil.|
|As a percent of GDP||--||2.6 ytd||2.5||2.8||4.1||6.8|
|% of Total|
|Net Revenues (Fiscal YTD, Y/Y % Change)||100||1.7%||7.6%||8.9%||13.3%||6.4%|
|Individual Income Taxes||47||2.3||10.5||5.9||16.3||3.7|
|Corporate Income Taxes||11||-11.3||7.2||17.3||12.9||33.8|
|Social Insurance Taxes||33||2.7||4.1||8.0||12.1||3.2|
|Net Outlays (Fiscal YTD, Y/Y % Change)||100||4.4||5.2||1.4||-2.4||-1.7|
|Veterans Benefits & Services||4||5.4||6.8||7.7||11.5||-2.0|
|Education, Training, Employment & Social Services||3||2.7||34.7||25.9||-21.9||-10.3|