The U.S. current account deficit expanded to a 15-year high in Q3 on a record increase of imports as businesses hurried to replenish depleted inventories.
- The Commerce Department posted that the current account deficit increased by 8.3% to $214.8 billion last quarter. That was the largest drop since Q3 of 2006.
- Figures for the second quarter were revised to indicate a $198.3 billion deficit rather than $190.3 billion as initially reported.
- The current account gap accounted for 3.7% of gross domestic product. That was the biggest share since Q4 of 2008 and was 3.5% higher in the April-June quarter.
The deficit is still below a peak of 6.3% of GDP in Q4 of 2005 as the United States is now a net exporter of crude oil and fuel.
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Source: U.S. Department of Commerce
