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US Government Financing

Recent nominal GDP growth excl. gov. expenses - Quarterly

Weights: economy-in-pieces.xlsx
Food (18% × +2.10% = +0.38 pp)
Healthcare (15% × +7.90% = +1.19 pp)
Existing Home Sales (10% × +2.20% = +0.22 pp)
Travel (8% × +2.70% = +0.22 pp) *
Energy (7% × -2.40% = -0.17 pp)
Transportation (6% × +2.42% = +0.15 pp) *
Banking and Finance (6% × -1.20% = -0.07 pp)
Automotive (5% × +0.20% = +0.01 pp) *
Manufacturing (5% × +15.80% = +0.79 pp) *
Home Construction (4% × +10.60% = +0.42 pp) *
Clothing (1% × +6.90% = +0.07 pp)
AI Infrastructure (0.7% × +73.20% = +0.51 pp)
________________________________________
Sectors covered: 85.7% of GDP (government and other, 14.3%, excluded)
Sum of contributions: +3.71 pp
________________________________________
Recent nominal GDP growth excl. gov. expenses (+4.33%)
* proxy is a volume or index, not dollars, so its growth is real rather than nominal

Apple Icon Food (18% of economy) - proxy: US Grocery Sales - Monthly

76B (+0.6% vs last year)
Jul 2026
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Pill Icon Healthcare (15% of economy) - Quarterly

3T (+7.4% vs last year)
Jun 2026
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Home Icon Existing Home Sales (10% of economy) - Monthly

3M (-1.2% vs last year)
Aug 2026
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Plane Icon Travel (8% of economy) - US Airports Passenger Volume - Monthly

70,617,131 (-2.0% vs last year)
Sep 2026
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Energy Icon Energy (7% of economy) - US Personal Energy Consumption - Monthly

7.70Q BTU (-0.6% vs last year)
Jun 2026
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Lending Icon Banking and Finance (6% of economy) - US Financial Activity (weekly hours) - Monthly

3M (-1.2% vs last year)
May 2026
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Truck Icon Transportation (6% of economy) - US Transportation Services Index - Monthly

135.70 (-2.02% vs last year)
Jul 2026
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Manufacturing Icon Manufacturing (5% of economy) - US ISM PMI - Monthly

55.60 (15.8% vs last year)
Jul 2026
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Car Icon Automotive (5% of economy) - US Vehicle Sales (trailing 12 months) - Monthly

16M units (-3.4% vs last year)
Sep 2026
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Construction Icon Home Construction (4% of economy) - US Monthly Housing Starts - Monthly

1M (-1.2% vs last year)
Aug 2026
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Shoe Icon Clothing (1% of economy) - US Clothing Monthly Sales - Monthly

26B (4.1% vs last year)
Aug 2026
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AI Icon AI Infrastructure (0.7% of economy) - NVIDIA Quarterly Sales - Quarterly

96,221M (+105.8% vs last year)
Jul 2026
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Inflation


GDP (Productivity)


Labor


Debt


Transportation


Other Economic Metrics

Conference Board Leading Economic Index (LEI) - Monthly

99.60 (0.6% vs last year)
Sep 2026
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US Federal Surplus or Deficit / Nominal GDP - Annually

-5.77%
Dec 2025
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Consumer Sentiment - Monthly

51.70 (-11.2% vs last year)
Aug 2026
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US Retail Sales - Monthly

646,347.00 (+5.36% vs last year)
Aug 2026
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US Cash use (% of all transactions) - Annually

11% (-7% vs last year)
2024
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Aerospace - Monthly

99.13
Aug 2026
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Rail Freight Carloads - Monthly

992,923.00
Jul 2026
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Manufacturers' New Orders: Durable Goods - Monthly

339,392.00
Jul 2026
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Global Smartphone Shipments - Quarterly

276.3M (-7.38% vs last year)
Jun 2026
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PC Industry Shipments - Quarterly

67.9M (+3.03% vs last year)
Mar 2026
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Internet Traffic (AMS-IX) - Weekly

99.7 PB/day (+10.79% vs last year)
Oct 2026
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US Consumer Spending - Monthly

22,308.5 bn (+6.08% vs last year)
Aug 2026
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Worldwide Software Spending Growth - Annually

13.9%
Dec 2025
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Worldwide IT Services Spending Growth - Annually

6.2%
Dec 2025
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Global Cybersecurity Spending Growth - Annually

10.1%
Dec 2025
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Ransomware Activity (Victims Named) - Monthly

804 (+44.60% vs last year)
Sep 2026
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Restaurant & Food-Service Sales - Monthly

91,416.00 (+5.37% vs last year)
Aug 2026
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Health and Personal Care Store Sales - Monthly

39,216.00 (-0.68% vs last year)
Aug 2026
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Pet Services Including Veterinary (CPI) - Monthly

382 (+4.75% vs last year)
Aug 2026
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US Pharma Plant and Equipment (Gross) - Quarterly

308,022.00 (+10.17% vs last year)
Apr 2026
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US Government Financing

WeekGross issuanceMaturitiesNet issuanceTreasury General Account (TGA)Foreign/indirect
Oct 5 – Oct 11, 2026$576.2 bn$551.1 bn$25.2 bn$887.5 bn53.4%
Sep 28 – Oct 4, 2026$846.1 bn$803.0 bn$43.0 bn$871.2 bn51.9%
Sep 21 – Sep 27, 2026$558.6 bn$574.7 bn-$16.1 bn$945.3 bn53.8%
Sep 14 – Sep 20, 2026$666.3 bn$622.0 bn$44.4 bn$985.9 bn57.3%
Sep 7 – Sep 13, 2026$526.7 bn$579.9 bn-$53.2 bn$822.2 bn55.3%
Aug 31 – Sep 6, 2026$844.5 bn$774.4 bn$70.1 bn$888.9 bn54.7%
Aug 24 – Aug 30, 2026$606.0 bn$541.4 bn$64.5 bn$971.3 bn58.2%
Aug 17 – Aug 23, 2026$745.0 bn$669.3 bn$75.7 bn$933.2 bn53.9%
Aug 10 – Aug 16, 2026$577.3 bn$521.5 bn$55.8 bn$959.2 bn54.5%
Aug 3 – Aug 9, 2026$640.6 bn$541.9 bn$98.8 bn$954.1 bn55.1%
Jul 27 – Aug 2, 2026$843.5 bn$720.5 bn$123.0 bn$876.6 bn54.4%
Jul 20 – Jul 26, 2026$593.7 bn$487.7 bn$106.0 bn$886.3 bn55.8%
Jul 13 – Jul 19, 2026$691.7 bn$582.1 bn$109.6 bn$815.4 bn61.4%
Jul 6 – Jul 12, 2026$580.7 bn$550.3 bn$30.4 bn$738.3 bn54.4%
Jun 29 – Jul 5, 2026$736.0 bn$680.0 bn$56.0 bn$776.8 bn52.1%
Jun 22 – Jun 28, 2026$515.1 bn$507.7 bn$7.4 bn$895.6 bn54.2%
Jun 15 – Jun 21, 2026$597.7 bn$566.5 bn$31.1 bn$915.1 bn59.1%
Jun 8 – Jun 14, 2026$529.8 bn$545.4 bn-$15.5 bn$816.0 bn53.5%
Jun 1 – Jun 7, 2026$727.8 bn$645.3 bn$82.5 bn$825.5 bn55.0%
May 25 – May 31, 2026$582.0 bn$467.4 bn$114.6 bn$903.9 bn56.4%
May 18 – May 24, 2026$566.2 bn$481.0 bn$85.2 bn$825.5 bn52.0%
May 11 – May 17, 2026$715.5 bn$660.3 bn$55.2 bn$758.8 bn52.6%
May 4 – May 10, 2026$486.7 bn$498.3 bn-$11.6 bn$839.2 bn52.2%
Apr 27 – May 3, 2026$763.1 bn$780.3 bn-$17.3 bn$857.3 bn57.8%
Apr 20 – Apr 26, 2026$478.6 bn$533.6 bn-$55.0 bn$974.3 bn53.4%
Apr 13 – Apr 19, 2026$663.9 bn$682.9 bn-$19.0 bn$998.6 bn58.8%
Apr 6 – Apr 12, 2026$478.4 bn$524.7 bn-$46.3 bn$703.2 bn54.0%
Mar 30 – Apr 5, 2026$728.4 bn$707.4 bn$21.0 bn$753.9 bn54.2%
Mar 23 – Mar 29, 2026$531.9 bn$528.0 bn$3.9 bn$848.7 bn57.1%
Mar 16 – Mar 22, 2026$705.1 bn$620.7 bn$84.4 bn$870.9 bn56.9%
Mar 9 – Mar 15, 2026$540.4 bn$520.3 bn$20.2 bn$806.3 bn58.6%
Mar 2 – Mar 8, 2026$761.1 bn$668.0 bn$93.0 bn$833.1 bn55.5%
Feb 23 – Mar 1, 2026$572.4 bn$499.0 bn$73.4 bn$798.9 bn58.2%
Feb 16 – Feb 22, 2026$750.1 bn$668.5 bn$81.7 bn$893.4 bn56.5%
Feb 9 – Feb 15, 2026$540.7 bn$478.4 bn$62.3 bn$913.6 bn57.3%
Feb 2 – Feb 8, 2026$779.5 bn$729.0 bn$50.5 bn$905.3 bn59.1%
Jan 26 – Feb 1, 2026$558.6 bn$478.5 bn$80.1 bn$893.2 bn57.4%
Jan 19 – Jan 25, 2026$568.8 bn$541.8 bn$27.0 bn$900.5 bn55.6%
Jan 12 – Jan 18, 2026$629.1 bn$621.0 bn$8.1 bn$868.2 bn52.7%
Jan 5 – Jan 11, 2026$480.0 bn$507.0 bn-$27.0 bn$775.1 bn53.8%
Dec 29 – Jan 4, 2026$725.4 bn$683.6 bn$41.7 bn$781.2 bn54.7%
Dec 22 – Dec 28, 2025$559.0 bn$574.8 bn-$15.8 bn$833.8 bn61.2%
Dec 15 – Dec 21, 2025$600.1 bn$569.7 bn$30.5 bn$839.8 bn55.9%
Dec 8 – Dec 14, 2025$488.0 bn$536.0 bn-$48.0 bn$792.5 bn54.9%
Dec 1 – Dec 7, 2025$721.0 bn$672.6 bn$48.4 bn$870.2 bn59.2%
Nov 24 – Nov 30, 2025$633.5 bn$566.0 bn$67.5 bn$956.0 bn59.8%
Nov 17 – Nov 23, 2025$689.7 bn$637.7 bn$52.0 bn$892.1 bn56.8%
Nov 10 – Nov 16, 2025$549.2 bn$506.1 bn$43.1 bn$959.1 bn57.6%
Nov 3 – Nov 9, 2025$545.1 bn$504.3 bn$40.8 bn$949.8 bn54.3%
Oct 27 – Nov 2, 2025$866.5 bn$758.1 bn$108.4 bn$926.3 bn59.5%
Oct 20 – Oct 26, 2025$541.7 bn$486.9 bn$54.8 bn$942.5 bn60.9%
Oct 13 – Oct 19, 2025$662.3 bn$570.6 bn$91.7 bn$905.4 bn61.5%
52-week total$32,865.3 bn$30,727.0 bn$2,138.3 bn56.1%

Weeks run Monday to Sunday and are dated by settlement, not auction. Gross issuance is the total accepted across every auction settling that week. Net issuance is the week’s change in debt held by the public, which Treasury reports daily, so it is measured rather than reconstructed; maturities are gross issuance less net. The Treasury General Account is the government’s cash balance at the Fed, at the close of the week’s last business day — a balance rather than a flow, so it carries no total. Foreign/indirect is the indirect bidder share of total accepted. Sources: TreasuryDirect auction results and the Daily Treasury Statement, and Debt to the Penny.