US current account drops to $94.8 billion in 3Q

Published on NewsOK Modified: December 17, 2013 at 7:35 am •  Published: December 17, 2013
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WASHINGTON (AP) — The U.S. current account deficit narrowed in the July-September quarter to the lowest level in four years as a rise in Americans' foreign investment earnings helped offset a bigger deficit in goods.

The Commerce Department says the deficit in the current account declined to $94.8 billion in the third quarter, the smallest imbalance since the third quarter of 2009 when the country was climbing out of a deep recession. The deficit was 1.8 percent lower than a revised $96.6 billion deficit in the April-June quarter.

The current account is the country's broadest trade measure covering not only goods and services but also investment flows.

For the third quarter, the deficit in goods increased by 1.7 percent but this was offset by a 7.1 percent rise in investment earnings.



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