U.S. International Transactions
The U.S. current account deficit decreased from $107.6 billion in 2001:IIQ to $95 billion in 2001:IIIQ, mainly because of a decline in the deficit on goods and services. The U.S. continues to run a large deficit on goods (which decreased), along with a much smaller surplus on services (which increased). A sizeable portion of the decrease in service payments, related to the September 11 terrorist attacks, took the form of increased claims received abroad by reinsurance companies and decreased transportation payments.
Suggested citation: "U.S. International Transactions," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-01, pp. 09, 01.01.2002.