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U.S. current account deficit widens to biggest in 15 years in Q3 -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Containers can be seen at a shipping dock as the global coronavirus epidemic (COVID-19), continues in Los Angeles, California. April 16, 2020. REUTERS/Lucy Nicholson

WASHINGTON (Reuters] – In the third quarter, the U.S. current balance deficit climbed to a fifteen-year high due to an unprecedented increase in imports. Businesses rushed to replenish low inventories.

Commerce Department on Tuesday reported that the current balance deficit (which measures flow of goods and investment into the country and out of it) jumped 8.3% last quarter to $214.8 million. This was the largest shortfall since 2006’s third quarter.

According to revised data, the deficit for the second quarter is $198.3 billion instead of $190.3 trillion as reported previously. Reuters polled economists and predicted a deficit of $205.0 billion last quarter.

It accounted for 3.7% gross domestic product. It was 3.7%, which was a significant increase over the 3.5% recorded in the April-June period.

However, it is below the 6.3% mark in the fourth quarter 2005 because the United States is a net importer of oil and gasoline.

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