Budget Deficit in U.S. Narrows on Record Revenue for October

The U.S. budget deficit last month narrowed more than economists forecast as rising employment contributed to the strongest October revenue on record.

Spending exceeded receipts by $91.6 billion last month, compared with a $120 billion shortfall in October 2012, the U.S. Treasury Department said today in Washington. The median estimate in a Bloomberg survey of 16 economists was for a $102 billion deficit last month. Monthly revenue jumped about 8 percent from a year earlier while outlays dropped 4.5 percent, the report showed.