US August budget deficit -$380 billion versus estimate -$317.3 billion deficit

The August US budget deficit data was released early. It was expected later this afternoon.

• US August 2024 budget deficit $-380 billion versus $-317.3 billion estimate
• August 2023 surplus was $89 billion
• Fiscal 2024 year-to-date deficit $1.897 trillion versus comparable fiscal 2023 of $1.525 billion deficit.
• US August budget outlays $687 billion versus $194 billion in August 2023. Big increase in outlays.
• Receipt came in at $307 billion versus $283 billion in August 2023. Modest increases.
• Interest costs on public that top $1 trillion for the first time for 2024 fiscal year to date.

This is not a good release.

Looking at the US stock market, the Dow industrial average is now down -0.11% at 40833. The high price for the day reached 40984.28.

The NASDAQ index is leading the way with a gain of 59 points or 0.34% at 17454. Both are off their high levels for the day. The NASDAQ index reached a high of 17509.80

This article was written by Greg Michalowski at www.forexlive.com.