U.S. current account deficit jumps 52.9% as COVID-19 disrupts trade
Source: Reuters
BUSINESS NEWS
SEPTEMBER 18, 202010:02 AM UPDATED AN HOUR AGO
WASHINGTON (Reuters) - The U.S. current account deficit soared to its highest level in nearly 12 years in the second quarter as the COVID-19 pandemic weighed on the export of goods and services, offsetting a shrinking import bill.
The Commerce Department said on Friday the current account deficit, which measures the flow of goods, services and investments into and out of the country, jumped 52.9% to $170.5 billion last quarter. That was the biggest gap since the third quarter of 2008 when the economy was working its way through the Great Recession.
Data for the first quarter was revised to show a $111.5 billion shortfall, instead of $104.2 billion as previously reported. Economists polled by Reuters had forecast the current account gap increasing to $157.9 billion in the second quarter.
The current account gap represented 3.5% of gross domestic product in the April-June quarter, the biggest share since the fourth quarter of 2008.
Reporting by Lucia Mutikani; Editing by Kevin Liffey and Andrea Ricci
Read more: https://www.reuters.com/article/usa-economy/wrapup-1-u-s-current-account-deficit-jumps-52-9-as-covid-19-disrupts-trade-idINL1N2GF0G3
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And one person had to do was encourage people to wear a mask and follow other guidelines until a vaccine or some other scientific study could accomplish and control the pandemic............but nope the country has selfish old man that only thinks about himself........................
November and January cannot get here fast enough..............