Recent Updates
- Japan: Monetary Survey (Apr), Wholesale & Retail Trade (Mar)
- Singapore: International Trade Press (Apr)
- Korea: Foreign Exchange Transactions, Household Loans (Apr)
- Pakistan: Foreign Currency Deposits and Utilization (APR)
- Euro area: Spring Update (2023)
- more updates...
Economy in Brief
Surging Imports Send the EMU Trade Scene Deeper into Deficit
The trade balance for the Euro Area fell sharply to 17.5 billion euros in March...
U.S. Import Prices Hold Steady While Export Prices Rise in April
Import prices held steady m/m (+12.0% y/y) in April...
EMU IP Drops Month-to-Month and Year-over-Year
Industrial output among EMU members fell by 1.8% month-to-month in March...
U.S. Producer Price Inflation Moderates in April
The Producer Price Index for Final Demand increased 0.5% during April...
U.S. Housing Affordability Plunges in March
Affordable homes are in short supply...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller May 11, 2022
• Tax revenues surge with economic growth.
• Income security & defense outlays continue to decline.
• Interest payments surge.
The U.S. Treasury Department reported a federal budget surplus of $308.2 billion during April 2022 compared to a $225.6 billion deficit in April 2021. Receipts rose 174.0% from March (96.6% y/y) while outlays rose 9.4% (-16.4% y/y). The Action Economics Forecast Survey had expected a $220 billion surplus. So far in FY'22, the deficit has totaled $360.0 billion versus $1.932 trillion deficit in the first seven months of FY'21.
Overall revenues have increased 39.3% y/y so far in FY'22. Individual income tax receipts increased 68.5% y/y as employment levels continued to rise. Corporate tax payments rose 21.8% with strength in business earnings. Social insurance taxes rose 7.9% y/y and excise taxes rose 24.6% y/y.
Federal government outlays have declined 17.9% year-to-date in FY'22 versus FY'21. Income security payments roughly halved so far this year in the absence of economic stimulus checks. National defense outlays fell 3.2% y/y so far in FY'22. Outlays on health programs rose 18.3% y/y in the first seven months of FY'22. Social Security outlays increased 6.4% y/y this fiscal year and Medicare outlays rose 1.7% y/y this fiscal year. Interest payments surged by one-quarter y/y so far in FY'22.
Haver's data on Federal Government receipts & outlays are contained in USECON. The expectations figure is in the AS1REPNA database.