Keeping you up to date on the latest data releases.
- Current Account
In the third quarter of 2011, the U.S. current account deficit narrowed to −$110.3 billion, a $14.4 billion contraction from the second quarter’s upwardly revised −$124.7 billion deficit (−$118 billion previously). As a percentage of GDP, the third quarter’s 2.9 percent marks the lowest percentage since late 2009. Additionally, the third quarter contraction represents the most pronounced decline since early 2009 and more than reverses the widening of the current account deficit that occurred in the first half of 2011. A contraction in the trade deficit, falling $12 billion to −$135.6 billion (−$146.2 billion previously), contributed to the narrowing of the overall current account deficit. The narrowing of the trade deficit was in turn driven by a decrease in the goods deficit to $181.8 billion from $190.6 billion as well as an increase in surplus on income to $58.3 billion from $56.9 billion.