- New Zealand: International Trade (Feb)
- Korea: Consumer Survey Index (Mar); Philippines: Public Finance (Jan)
- Weekly: **Initial Claims Data Revisions Completed**
- Euro area: Flash Consumer Confidence Indicator (Mar)
- US: New Residential Sales (Feb)
- Belgium: Business Survey (Mar)
- Uruguay: GDP (Q4)
- more updates...
Economy in Brief
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...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller November 10, 2016
The U.S. Treasury Department reported that the federal government ran a budget deficit of $44.2 billion during October compared to a $136.6 billion deficit one year earlier. A $74.0 billion deficit was expected in the Action Economics Forecast Survey. These results were inflated by calendar timing differentials.
The Congressional Budget Office expects a $594 billion deficit in FY'17. In FY'16 the deficit rose to $587.4 billion from $438.9 billion in FY'15, and from $483.9 billion in FY'14. Receipts improved 0.6% last year while outlays increased 4.5%.
Overall revenues grew an inflated 5.0% last month versus last October 2015. Individual income taxes grew 11.3% y/y after 0.6% growth in FY'16. Net outlays declined by nearly one-quarter y/y. These results were inflated by calendar timing differentials.
Haver's data on Federal Government outlays and receipts are contained in USECON. Considerable detail is given in the separate GOVFIN database. The Action Economics Forecast Survey numbers are in the AS1REPNA database.
|United States Government Finance||October||FY'16||FY'15||FY'14||FY'13|
|Budget Balance||--||$-44.2 bil.||$-587.4 bil.||$-438.9 bil.||$-483.4 bil.||$-680.2 bil.|
|As a percent of GDP||--||--||3.2%||2.5%||2.8%||4.1%|
|% of Total|
|Net Revenues (Fiscal Year 2016, Y/Y % Change)||100||5.0%||0.6%||7.6%||8.9%||13.3%|
|Individual Income Taxes||47||11.3||0.3||10.5||5.9||16.3|
|Corporate Income Taxes||9||-46.5||-12.9||7.2||17.3||12.9|
|Social Insurance Taxes||34||3.3||4.7||4.1||8.0||12.1|
|Net Outlays (Fiscal year 2016, Y/Y % Change)||100||-23.5||4.5||5.3||1.4||-2.4|
|Veterans Benefits & Services||4||-64.1||9.3||6.8||7.7||11.5|
|Education, Training, Employment & Social Services||3||-32.5||-10.2||34.7||25.9||-21.9|