- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
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...
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|