12 September 2001, 17:09 US current account gap narrows $5.3 bln to $106.5 bln in Q2
By John Lipold
Washington, Sept. 12 (BridgeNews) - The U.S. current account deficit
narrowed to $106.5 billion in the second quarter, down 4.7% from the first
quarter level, largely because of a contraction in the U.S. trade deficit,
the Commerce Department announced Wednesday.
The government revised the current account deficit for the fourth
quarter to $111.8 billion.
The current account, the broadest measurement of U.S. worldwide
transactions, comprises goods and services trade, investment income and
foreign aid payments.
TRADE STATISTICS
The U.S. goods trade deficit shrunk to $107.8 billion in the second
quarter, from $112.5 billion the previous quarter.
The drop in the trade deficit comes at a time when U.S. economic
growth has weakened and the economy has threatened to tip into recession.
Import volumes typically soften when economic growth slows.
Meanwhile, the services trade surplus widened to $18.9 billion in the
second quarter from $17.5-billion in the first quarter.
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