U.S. Markets

U.S. government posts $77 billion deficit in July

A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration

WASHINGTON (Reuters) - The U.S. government had a $77 billion budget deficit in July, according to Treasury Department data released on Friday.

That compared to a budget deficit of $43 billion in the same month last year, the department’s monthly budget statement showed.

The 79 percent rise was in line with analysts’ expectations. Economists polled by Reuters had forecast the Treasury posting a $77 billion deficit in July.

The government’s deficit was $124 billion when accounting for calendar adjustments. That compared to an adjusted deficit of $85 billion in the same month the prior year.

The deficit for the fiscal year, which began last October, reached $684 billion, compared to a deficit of $566 billion in the same period of fiscal 2017. On an adjusted basis, the gap of $734 billion compared with $606 billion in the previous period.

Unadjusted receipts last month totaled $225 billion, down 3 percent from July last year, while unadjusted outlays were $302 billion, a jump of 10 percent from the same month in 2017.

Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci