- US: GDP & Corporate Profits (Q4, 3rd release)
- Canada: Industrial Products & Raw Material Prices (Feb)
- Spain: Flash HICP and CPI, Construction Business Survey Press (Mar)
- Euro area: EC Business and Consumer Surveys (Mar)
- Belize: GDP (Q4)
- Chile: IP (Feb); Brazil: Retail Trade - Rebased 2014=100 (Jan)
- Croatia: Employment, Retail Trade Press (Feb), Earnings (Jan); Bulgaria: PPI (Feb); Montenegro: Wages (Feb); Latvia: Retail Trade (Jan); Lithuania: External Debt Service (Q4);
- more updates...
Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
by Tom Moeller February 10, 2017
The U.S. Treasury Department reported that during January, the federal government ran a $51.3 billion budget surplus compared to a $55.2 billion surplus in January 2016. A $33.0 billion surplus had been expected in the Action Economics Forecast Survey. So far in FY'17, the federal government has run a $156.9 billion budget deficit, down 2%, compared to $160.4 billion in the first four months of FY'16.
Overall net revenues improved 0.5% so far in FY'17 versus FY'16. Individual income taxes increased 3.2% y/y following a 0.3% rise in all of FY'16. Social insurance contributions increased an improved 5.6% y/y, while excise taxes fell 5.8% y/y. Corporate income taxes declined 7.8% y/y following a 12.9% drop during all of FY'16.
Government spending edged 0.2% higher y/y so far in FY'17 compared to 4.5% growth during all of last year. Health insurance spending improved 8.7% y/y and Social Security outlays rose 2.9% y/y. Working the other way, Medicare expenditures declined 7.6% y/y after 8.8% growth in FY'16; and income security spending fell 6.1% y/y with lower unemployment. National defense expenditures declined 1.5% y/y so far in FY'17, but interest outlays increased 12.9% y/y.
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||January||FY'16||FY'15||FY'14||FY'13|
|Budget Balance||--||$51.3 bil.||$-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||0.5%||0.6%||7.6%||8.9%||13.3%|
|Individual Income Taxes||47||3.2||0.3||10.5||5.9||16.3|
|Corporate Income Taxes||9||-7.8||-12.9||7.2||17.3||12.9|
|Social Insurance Taxes||34||5.6||4.7||4.1||8.0||12.1|
|Net Outlays (Fiscal year 2017, Y/Y % Change)||100||0.2||4.5||5.3||1.4||-2.4|
|Veterans Benefits & Services||4||-7.6||9.3||6.8||7.7||11.5|
|Education, Training, Employment & Social Services||3||-8.2||-10.2||34.7||25.9||-21.9|