- China: Industrial Profits (Mar); Philippines: Tourist Arrivals (Feb); Korea: GDP (Q1)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts and Statistical Balance Sheet (Mar); Australia: Import and Export Price Indexes (Q1)
- Japan: Input Output Prices, International Trade, Lease Contracts (Mar), First 10 Days Trade (Apr)
- France: INSEE Household Survey (Apr), Registered Unemployed & Job
- more updates...
Economy in Brief
U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
Regular gasoline prices of $2.45 per gallon last week (13.3% y/y)...
Japan's METI Indexes Show Ongoing Gains
The services sector is assessed by the METI indexes where it is named the 'tertiary sector.' That sector index rose to 104.1 in February...
U.S. New Home Sales & Prices Strengthen
Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000...
U.S. Consumer Confidence Backpedals
The Conference Board Consumer Confidence Index fell 3.7% during April (+27.0% y/y) to 120.3...
U.S. FHFA House Price Index Regains Strength
The FHFA U.S. house prices increased 0.8% during February (6.5% y/y)...
French Manufacturing and Service Sectors Weaken But Stay on Trend or Hold Recent Gains
The French manufacturing sector trend index is down to 1 in April from 3 in March...
by Tom Moeller July 13, 2016
So far in FY'16, the federal government's budget deficit totaled $400.8 billion, up 26.7% versus $316.4 billion in the first nine months of FY'15. That result was highlighted in today's U.S. Treasury Department report of a $6.3 billion budget surplus during June, reduced from the $50.5 billion surplus twelve months earlier. A $23.5 billion surplus had been expected in the Action Economics Forecast Survey.
Overall revenues increased 0.9% so far in FY'16 versus the first nine months of FY'15. The gain was pulled lower by a 12.6% y/y decline in corporate income tax payments, compared to 7.2% growth in 2015. Individual income taxes grew a negligible 0.4% y/y. Social insurance contributions increased 4.2% y/y while excise taxes fell 1.9% y/y.
Government spending increased 3.9% y/y so far in FY'16 compared to a 5.2% rise last year. Outlays on health programs gained 6.5% y/y with the Patient Protection and Affordable Care Act. Veterans Benefits & Services rose 5.3% y/y. Medicare payments strengthened 4.3% y/y while Social Security benefits rose 3.3% y/y. National Defense Spending fell 1.1% y/y, continuing the declines of the last several years. Spending on Education, Training, Employment & Social Services eased 0.6% y/y, and income security payments fell 0.2% y/y. Interest payments increased 11.9% so far this fiscal year versus 2015.
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.
The 2016 Long-Term Budget Outlook from the Congressional Budget Office can be found here.
|United States Government Finance||June 2016||FY'15||FY'14||FY'13||FY'12|
|Budget Balance||--||$6.3 bil.||-$438.9 bil.||-$483.4 bil.||-$680.2 bil.||-$1,089.2 bil.|
|As a percent of GDP||--||2.2% ytd||2.5%||2.8%||4.1%||6.8%|
|% of Total|
|Net Revenues (Fiscal YTD, Y/Y % Change)||100||0.9%||7.6%||8.9%||13.3%||6.4%|
|Individual Income Taxes||47||0.4||10.5||5.9||16.3||3.7|
|Corporate Income Taxes||11||-12.6||7.2||17.3||12.9||33.8|
|Social Insurance Taxes||33||4.2||4.1||8.0||12.1||3.2|
|Net Outlays (Fiscal YTD, Y/Y % Change)||100||3.9||5.2||1.4||-2.4||-1.7|
|Veterans Benefits & Services||4||5.3||6.8||7.7||11.5||-2.0|
|Education, Training, Employment & Social Services||3||-0.6||34.7||25.9||-21.9||-10.3|