Recent Updates
- China Regional: China: Beijing Household Expenditure and Income (Q2)
- New Zealand: Food Price Index, PMI, Main Benefits (Jul)
- New Zealand: Jobseeker Support by Territorial Authority (Jul)
- Korea: Import & Export Price Indexes Press (Jul)
- US: Business Formation Statistics, Producer Prices (Jul)
- more updates...
Economy in Brief
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
U.S. CPI Unchanged in July with Drop in Energy Prices
Consumer prices were unchanged in July after an outsized 1.3% m/m jump in June...
U.S. Federal Government Budget Deficit Shrinks in July
The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
U.S. Mortgage Applications Rose Slightly in the Latest Week
Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller August 13, 2007
The U.S. federal government in July posted a deficit of $36.3B versus a surplus of $27.5B during June and a deficit of $33.2B last July.
The monthly figure was near Consensus expectations for a deficit of $35B. Analysts' forecasts of the Federal budget benefit from access to the Government's Daily Treasury Statement, the data for which is available in Haver's DAILY database.
The administration's latest Midsession Review of the Budget can be found here
The July budget figures pulled the deficit for the ten months of FY07 to $157.3B, down from $239.6B during the first ten months of FY06.
Net revenues grew 8.8% y/y during the first ten months of FY07. Individual income tax receipts (44% of total receipts) grew 9.0% as withheld taxes grew 9.7% during the first ten months but non-withheld taxes rose a stronger 13.6% due to estimated capital gains. Corporate income taxes (13% of total receipts) recovered a strong 10.7% y/y but estate & gift taxes fell 7.0%. Higher employment levels raised employment contributions by 4.4%.
U.S. net outlays grew 2.9% during this fiscal year's first ten months. Defense spending (19% of total outlays) grew 6.3% and Medicare expenditures (12% of outlays) surged by14.4%. Social security spending (21% of outlays) rose 5.7% but the government's interest expense rose by 5.1% y/y. Holding back the overall gain in expenditures were large declines in spending on energy and agriculture as well as a 3.0% decline in spending on international affairs and a 7.9% drop in spending on natural resources & environment.
US Government Finance | July | June | Y/Y | FYTD 2007 | FY 2006 | FY 2004 |
---|---|---|---|---|---|---|
Budget Balance | $-36.3B | $27.5B | $-33.2B (7/06) |
-$247.7 | -$318.7B | -$412.7B |
Net Revenues | $170.4B | $276.5B | 6.7% | 7.5% | 11.8% | 14.6% |
Net Outlays | $206.8B | $249.0B | 7.2% | 2.5% | 7.4% | 7.8% |