- 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 December 12, 2016
The U.S. Treasury Department reported that during November, the federal government ran a budget deficit of $136.7 billion. A $125.0 billion deficit had expected in the Action Economics Forecast Survey. So far in FY'17, the federal government ran a $180.8 billion budget deficit compared to $201.1 billion in the first two months of FY'16.
Overall revenues increased 1.3% so far in FY'17 versus FY'16. Individual income taxes rose 5.2% y/y following a 0.3% rise in all of FY'16. Social insurance contributions increased 1.6% y/y, down from the FY'16 4.7% gain, while excise taxes fell 1.6% y/y, less than last year's 3.3% fall. Corporate income taxes declined by nearly two-thirds y/y following a 12.9% drop.
Government spending declined 2.4% y/y so far in FY'17 compared to 4.5% growth during all of last year. Medicare outlays declined 17.8% y/y after 8.8% growth in FY'16, and Income Security Program payments fell 11.2% y/y after a 1.0% rise. National Defense spending also was down by 3.7% y/y, continuing the weakness of the last several years. To the upside was spending on Health programs which grew by 5.2% y/y after 6.0% growth in FY'16. Social Security outlays also rose by 3.3% so far in FY'17, about the same as in FY'16. Spending on Education, Training, Employment & Social Services declined 18.6% y/y, while spending on Veterans Benefits & Services fell 21.9% y/y. Interest payments increased 17.5% in so far in FY'17 following 7.8% growth last year.
Haver's data on Federal Government outlays and receipts are contained in USECON. Considerable detail is given in the separate GOVFIN database. The Action Economics Forecast Survey numbers are in the AS1REPNA database.
|United States Government Finance||November||FY'16||FY'15||FY'14||FY'13|
|Budget Balance||--||$-136.7 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 2017, Y/Y % Change)||100||1.3%||0.6%||7.6%||8.9%||13.3%|
|Individual Income Taxes||47||5.2||0.3||10.5||5.9||16.3|
|Corporate Income Taxes||9||-63.2||-12.9||7.2||17.3||12.9|
|Social Insurance Taxes||34||1.6||4.7||4.1||8.0||12.1|
|Net Outlays (Fiscal year 2017, Y/Y % Change)||100||-2.4||4.5||5.3||1.4||-2.4|
|Veterans Benefits & Services||4||-21.9||9.3||6.8||7.7||11.5|
|Education, Training, Employment & Social Services||3||-18.6||-10.2||34.7||25.9||-21.9|