Keeping you up to date on the latest data releases.
- Current Account
In the second quarter of 2012, the U.S. current account deficit contracted to −$117.4 billion, a $16.2 billion decrease from the first quarter’s downwardly revised −$133.6 billion deficit (−$137.3 billion, previously). The narrowing marks the largest contraction since the first quarter of 2009. As a percentage of GDP, the current account decreased 0.4 percentage points to 3.0 percent. A main driver behind the contraction in the overall deficit was a contraction in the deficit on goods by $8.5 billion to −$185.8 billion and an increase in the surplus on income by $8.1 to $55.5 billion. Exports of goods, services, and income continue to post nominal highs marking $737.1 billion, a $8.4 billion expansion from the first quarter of 2012. Imports of goods, services, and income contracted for the first time since the second quarter of 2009, falling by $8.7 to billion to a level of −$821.0 billion.