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Analysts at Nomura note that the US budget deficit for August came in at $214.1bn, pushing fiscal-year-to-date (FYTD) deficit to $898.1bn, up $224.4bn wider than this time last year.

Key Quotes

“Spending so far has been higher than the previous fiscal year. Total FYTD spending was up 6.7% while FYTD receipts were up only 0.6%.”

“Firm increases for Medicare and veterans’ programs appear to have contributed to a pickup in spending in August.”

“In addition, net defense outlay jumped sharply in August following a sharp decline in July. While some mean-reversion appears likely in September, the net impact on GDP growth in Q3 appears positive.”

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