- Spain: Services Sector Activity, New Orders and Turnovers (Feb)
- Finland: PPI, Domestic Supply Prices (Mar)
- US: NABE Business Conditions Survey (Q1)
- Japan: Index of Business Conditions (Feb-Final)
- Indonesia: Non-Oil and Gas Trade (Feb); Taiwan: Labor Market (Mar)
- Egypt: IP (Feb)
- more updates...
Economy in Brief
Fresh Six-Year PMI Highs for Euro Area
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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 January 12, 2017
The U.S. Treasury Department reported that during December, the federal government ran a $27.5 billion budget deficit compared to a $14.4 billion deficit in December 2015. A $23.0 billion deficit had been expected in the Action Economics Forecast Survey. So far in FY'17, the federal government ran a $208.4 billion budget deficit compared to $215.6 billion in the first three months of FY'16.
Overall revenues declined 3.2% so far in FY'17 versus FY'16. Individual income taxes improved 0.4% y/y following a 0.3% rise in all of FY'16. Social insurance contributions increased 4.6% y/y, roughly equaling last year's increase, while excise taxes fell 2.5% y/y, less than last year's 3.3% fall. Corporate income taxes declined by 10.8% y/y following a 12.9% drop.
Government spending declined 3.3% y/y so far in FY'17 compared to 4.5% growth during all of last year. Medicare outlays declined 11.0% y/y after 8.8% growth in FY'16, and Social Security payments declined 7.8% following 3.2% increase in FY'16. Income Security Program payments fell 5.8% y/y after a 1.0% rise. National Defense spending also was down by 2.2% y/y, continuing the weakness of the last several years. To the upside was spending on Health programs which grew by 7.7% y/y after 6.0% growth in FY'16. Spending on Education, Training, Employment & Social Services declined 11.5% y/y, while spending on Veterans Benefits & Services fell 9.9% y/y. Interest payments increased 15.7% so far in FY'17 following 7.8% growth last year.
Haver's data on Federal Government outlays and receipts are contained in USECON. Considerable detail is given in the separate GOVFIN database. The Action Economics Forecast Survey numbers are in the AS1REPNA database.
|United States Government Finance||December||FY'16||FY'15||FY'14||FY'13|
|Budget Balance||--||$-27.5 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||-3.2%||0.6%||7.6%||8.9%||13.3%|
|Individual Income Taxes||47||0.4||0.3||10.5||5.9||16.3|
|Corporate Income Taxes||9||-10.8||-12.9||7.2||17.3||12.9|
|Social Insurance Taxes||34||4.6||4.7||4.1||8.0||12.1|
|Net Outlays (Fiscal year 2017, Y/Y % Change)||100||-3.3||4.5||5.3||1.4||-2.4|
|Veterans Benefits & Services||4||-9.9||9.3||6.8||7.7||11.5|
|Education, Training, Employment & Social Services||3||-11.5||-10.2||34.7||25.9||-21.9|