Keeping you up to date on the latest data releases.
- Current Account
The US current account deficit narrowed to −$94.8 billion in the third quarter of 2013, a $1.8 billion contraction from the second quarter’s revised −$96.6 billion deficit (−$98.9 billion, previously). The current account deficit has now contracted in five of the past six quarters. The contraction in the third quarter was driven by a 1.1 percent contraction in net unilateral transfers and a 2.2 percent narrowing in the balance of trade in goods, services, and income. A 0.7 percent increase in exports of goods, services, and income and was partially offset by a 0.4 percent gain in imports of goods, services, and income. As a percent of GDP, the current account deficit ticked down to 2.2 percent, which is the smallest percentage since 1998.