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Economy in Brief
German PPI Rises at Nine-Month High Pace
The German PPI gained 0.2% in June on the heels of a 0.6% rise in May...
U.S. Leading Economic Indicators Improve
The Conference Board's Composite Index of Leading Economic Indicators increased 0.5% (5.8% y/y) during June...
Philadelphia Fed Factory Conditions Recover; Prices Surge
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rebounded to 25.7 during July...
U.S. Initial Unemployment Insurance Claims Hit Lowest Since 1969
Initial claims for unemployment insurance dropped to 207,000 during the week ended July 14...
Japan's Trade Deficit Swings Back to Surplus (Small Surplus)
Japan's early June trade results show a goods trade position having swung back to surplus in June from deficit in May...
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 |
