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While all the focus is on payroll numbers or weak inflation pushing rate hike expectation from FED further into the future. However one measure is showing that US economy may not be roaring but more than humming and recovery is solid.
- Government budget deficit, which is the difference between government expenditure and tax revenue collected dropped to lowest level since 2007,
- It has narrowed to $439 billion, or 2.5% of GDP, for 12 months to end September, compared to $483 billion a year ago.
According to treasury department, lesser gap was achieved thanks to 8% rise in tax revenue to $3.25 trillion from a year ago.
- According to the treasury, stronger economy led to higher income for individuals and higher profits for corporates, which led to rise in payroll taxes as well as revenue from business.
However, US economy is still running large deficit, which needs to be financed by large issuance of treasury debt and if the congress fails to increase the debt limit by November 3rd, US economy is heading for is first default.
