Recent Updates
- Euro area: Flash Consumer Confidence (Apr)
- Ireland: Producer & Wholesale Price Indexes (Mar)
- UK: Capital Issuance (Mar)
- Spain: Trade in Constant Prices, Trade in Goods (Feb)
- Germany: Federal Budget, PPI, Monthly Tax Revenue (Mar), Short-term Indicator (Feb), Public Sector Finance (Q4)
- Colombia: Imports (Feb); Brazil: IPCA-15 (Apr)
- Turkey: Non-Domestic PPI, House Sales, Central Government and Domestic Debt by Instrument, External Debt by Lender, Domestic
- more updates...
Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
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 |
