- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
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)...
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|