Federal Receipts - Federal Expenditures: 3Q2009 Update

Here without much commentary is the 3Q2009 update using the St. Louis Fed FRED data from FGRECPT and FGEXPND, which are data series for the seasonally adjusted annualized rate(SAAR) by quarter.

Marketable Treasury Debt Maturity - Update

Well it looks like the boys and girls in the US Treasury have been busy pushing out the curve...the front quarter rollover was reduced by a whopping 20.8% while the front six months cumulative rollover dropped 5.5%. All this while the total marketable debt outstanding increased 3.4%...

Which begs the question, who is buying all the interest rate risk? The scuttlebutt I have read is that foreign holders are moving to shorter durations - anyone heard different with sources?


Data Source:US Treasury Dec 2009 MSPD

Previous post on rollover:Marketable Debt Rollover 3Q 2009

3rd Quarter State Sales & Gross Receipts Taxes

Well, the US Census Bureau released the data for state tax income, and I broke out the sales and gross receipts taxes to see how that showed aggregate economic activity performing.

On a year over year basis for the 3rd Qtr, state sales and gross receipts taxes were down -6.7%, and on a rolling 4 Qtr basis the year over year amount is down -7.6%.

While the 3rd Qtr is down from the 2nd Qtr, this is typically the case and the amount appears to be in the midrange of the -3% to -7% seen at -4.9%.

(If I get the chance I will update later with some additional data going back to 1988 - have to help my lovely wife pack for the trip home).

Data:
Quarterly Summary of State and Local Government Tax Revenue