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Economy in Brief
Fresh Six-Year PMI Highs for Euro Area
The 'fresh six-year high' is a pleasant surprise that continues, but...
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 April 12, 2017
The U.S. Treasury Department reported that during March, the federal government ran a $176.2 billion budget deficit compared to a $108.0 billion deficit in March 2016. A $150.0 billion deficit had been expected in the Action Economics Forecast Survey. So far in FY'17, the federal government has run a $526.9 billion budget deficit, up 14.7% compared to $459.4 billion in the first six months of FY'16.
Overall net revenues eased 0.2% during the first six months of FY'17 versus FY'16. Individual income taxes increased 3.1% y/y following a 0.3% rise in all of FY'16. Social insurance contributions increased a 4.7% y/y, while excise taxes fell 4.5% y/y. Corporate income taxes declined 17.8% y/y following a 12.9% drop during all of FY'16.
Government spending increased 3.3% y/y so far in FY'17 compared to 4.5% growth during all of last year. Health insurance spending improved 6.2% y/y and Medicare outlays rose 4.8% y/y. Social Security payments increased 3.0% y/y, but income security payments eased 0.7% y/y with lower unemployment. National defense expenditures inched 0.6% higher y/y so far in FY'17, while interest outlays strengthened 15.2% y/y.
Haver's data on Federal Government outlays and receipts are contained in USECON. Considerable detail is given in the separate GOVFIN database. The Action Economics Forecast Survey numbers are in the AS1REPNA database.
|United States Government Finance||March||FY'16||FY'15||FY'14||FY'13|
|Budget Balance||--||$-176.2 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||-0.2%||0.6%||7.6%||8.9%||13.3%|
|Individual Income Taxes||47||3.1||0.3||10.5||5.9||16.3|
|Corporate Income Taxes||9||-17.8||-12.9||7.2||17.3||12.9|
|Social Insurance Taxes||34||4.7||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||3.3||9.3||6.8||7.7||11.5|
|Education, Training, Employment & Social Services||3||-5.1||-10.2||34.7||25.9||-21.9|