May Closes with $293 Billion Deficit, Up to $1.246 Trillion Deficit for FY2026
WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Fiscal Update. In May, the federal government ran a surplus of $292.65 billion. From the beginning of this fiscal year to May 2026, deficits were $1.246 trillion. This means 25.42 percent of outlays in FY2026 were not paid for...
Consumer Price Index Inflation Rose 4.25 Percent Over the Year in May
In May, headline Consumer Price Index (CPI-U) rose 0.47 percent in May and 4.25 percent over the past year. Core CPI, which excludes food and energy, rose 0.21 percent in May and 2.85 percent over the past year.
Trade Gap Tightens in April, Ends April 7 Percent Below 12-Month Average
The total trade deficit in April was $55.88 billion, down $704 million from March and seven percent below the 12-month average. In trade of goods, the U.S. ran a trade deficit of $83.69 billion, down $2.39 billion from March and 4 percent above the 12-month average. In trade of services, the U.S...
JEC: Stabilizing U.S. Debt Will Require Hard Choices Washington Isn’t Making
The JEC finds the rising debt-to-GDP ratio is structurally unsustainable. Stabilizing debt will require large, early policy changes, and delay materially increases the risk of severe economic and financial consequences. To rein in and slow the growth of federal debt, the letter focuses on solutions ...
172K Jobs Added in May, More than Double Expectations
In May, 172,000 jobs were added (120K private sector, 52K government) after strong showings in April and March, as well. The unemployment rate remained unchanged at 4.3 percent while the labor force participation rate held steady at 61.8 percent. The broadest measure of unemployment (U-6, which adds...
National Debt Reaches $39.20 Trillion, Increased $2.99 Trillion Year over Year, Increased $10.94 Trillion in Five Years
As of June 3, 2026, total gross national debt is $39.20 trillion. Relative to one year ago, total gross national debt is $2.99 trillion higher; relative to five years ago, it is $10.94 trillion higher. Over the past year, the rate of increase averaged $8.19 billion per day, $341.30 million per hour,...
Headline Personal Income Stagnant in April, PCE Up 3.77% from Last Year
From March to April, headline personal consumption expenditures (PCE) price index inflation was 0.40 percent. Core PCE price index inflation, which excludes food and energy prices, was 0.24 percent. Month-over-month, headline personal income remained unchanged, or $19 million, while real disposable ...
ICYMI: Cato Institute Experts Praise JEC Joint Economic Report
Following the release earlier this month of the Joint Economic Committee’s Joint Economic Report, Cato Institute experts praised the work of the Committee.
April State Unemployment Remained Unchanged in 27 States, Decreased in 15, and Increased in 9
The Joint Economic Committee released its monthly State Employment Update, outlining the employment situation in all 50 states and the District of Columbia. In April, among the 50 states and the District of Columbia unemployment remained unchanged in 27 states, decreased in 15 and increased in nine....
Joint Economic Committee Leaders Raise Anti-Scam Efforts with Major Telecommunications Companies
U.S. Congress Joint Economic Committee Chairman David Schweikert (R-AZ) and Ranking Member Maggie Hassan (D-NH) today urged three major telecommunications companies to strengthen their anti-scams efforts. Chairman Schweikert and Ranking Member Hassan requested detailed information from AT&T, T-Mobil...