- Japan: **Japan Tokyo employment index rebased to 2015=100**
- Saudi Arabia: Non-Oil Foreign Trade (Feb); Kuwait: CPI (Mar); Tanzania: BOP, Trade, Depository Corporations Survey, Public Finance (Feb)
- Portugal: OMFIs Balance Sheet (Feb)
- Luxembourg: Employment and Unemployment (Mar)
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Economy in Brief
Fresh Six-Year PMI Highs for Euro Area
The 'fresh six-year high' is a pleasant surprise that continues, but...
Philadelphia Fed Factory Conditions Soften
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index fell to 22.0 during April...
U.S. Leading Economic Indicators Suggest Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (3.5% y/y) during March...
U.S. Initial Unemployment Insurance Applications Increase
Initial unemployment claims for unemployment insurance rose to 244,000 during the week ended April 15 (-5.1% y/y)...
Japan's 'Trade Trends' Stabilize on an Unstable Foundation
Japan trade trends, broadly considered, seem to be stabilizing...
U.S. Mortgage Loan Applications Fall
The MBA total Mortgage Applications Volume Index declined 1.8% last week (-24.9% y/y)...
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|