- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
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|