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Economy in Brief
U.S. Energy Prices Ease
Gasoline prices fell four cents last week to an average $2.84 per gallon (+14.6% y/y)...
FIBER: Industrial Commodity Prices Fall Further
The FIBER Industrial Materials Price Index declined 1.3% during the last four weeks...
Japan’s METI Sector Indexes Rebound But Still Lag
Japan's economy continues to fight for revival...
U.S. Existing Home Sales Continue to Weaken, Dragging Down Prices
The NAR reported that sales of existing homes during September declined 3.4% to 5.150 million...
Canadian Retail Sales Weaken As Inflation Slows
Canada's retail sales show relatively widespread deceleration...
by Tom Moeller November 13, 2014
The Federal Government reported a $121.7 billion budget deficit during October compared to a $90.6 billion during October of last year. For FY 2015, the Congressional Budget Office projects the budget deficit will total $469 billion compared to $483.4 billion last year, then rise to $556 billion in FY 2016
The increase in the deficit's size occurred with a rise in outlay growth to 15.5% y/y, due to faster gains in several spending areas. Medicare outlays grew by roughly two thirds y/y. Veterans benefits along with spending on education, training, employment & social services grew by roughly one-half y/y. Income security payments rose 14.9% y/y and defense outlays were up 6.0% y/y. Social security payments grew a moderate 4.7% y/y, the same as net interest payments.
Net revenues so far in FY 2015 increased 6.9% y/y. Corporate income taxes surged by more than one-half y/y. Individual income taxes rose 7.6% y/y and social insurance taxes gained 3.7%. Excise taxes gained 1.1% y/y.
Haver's basic data on Federal Government outlays and receipts are contained in USECON. Considerable detail is given in the separate GOVFIN database.
| US Government Finance | Oct | FY'14 | FY'13 | FY'12 | FY'11 | |
|---|---|---|---|---|---|---|
| Budget Balance | -- | $-121.7 bil. | $-483.4 bil. | $-680.3 bil. | $-1,089.2 bil. | $-1,296.8 bil. |
| As a percent of GDP | -- | 2.8 | 4.1 | 6.8 | 8.4 | |
| % of Total | FY'15 YTD | |||||
| Net Revenues (Y/Y % Change) | 100 | 6.9 | 8.9% | 13.3% | 6.4% | 6.5% |
| Individual Income Taxes | 47 | 7.6 | 5.9 | 16.3 | 3.7 | 21.5 |
| Corporate Income Taxes | 10 | 58.0 | 17.3 | 12.9 | 33.8 | -5.4 |
| Social Insurance Taxes | 34 | 3.7 | 8.0 | 12.1 | 3.2 | -5.3 |
| Excise Taxes | 3 | 1.1 | 11.1 | 6.3 | 9.2 | 8.2 |
| Net Outlays (Y/Y % Change) | 100 | 15.5 | 1.4 | -2.4 | -1.7 | 4.1 |
| National Defense | 18 | 6.0 | -4.7 | -6.3 | -3.9 | 1.7 |
| Health | 10 | 20.2 | 14.2 | 3.1 | -7.0 | 1.0 |
| Medicare | 14 | 65.6 | 2.8 | 5.5 | -2.8 | 7.5 |
| Income Security | 16 | 14.9 | -4.3 | -1.1 | -9.1 | -4.1 |
| Social Security | 24 | 4.7 | 4.6 | 5.2 | 5.8 | 3.4 |
| Veterans Benefits | 4 | 54.0 | 7.7 | 11.5 | -2.0 | 17.3 |
| Education, Training, Employment & Social Services | 3 | 51.7 | 25.9 | -21.9 | -10.3 | -20.6 |
| Interest | 6 | 4.7 | 3.0 | 0.4 | -3.0 | 15.8 |
