The US current account deficit widened to a 15-year high in the third quarter, amid a record increase in imports as companies scramble to replace depleting stocks.
Today, Tuesday, the Ministry of Commerce said that the current account deficit, which measures the flow of goods, services and investments to and from the country, accelerated by 8.3 percent to $214.8 billion in the last quarter. This is the largest deficit since the third quarter of 2006.
And the data for the second quarter was revised to show a deficit of $198.3 billion instead of $190.3 billion, as previously reported. Economists polled by Reuters had forecast a deficit of $205 billion in the last quarter.
The gap in the current account represents 3.7% of GDP. This is the largest percentage since the fourth quarter of 2008, and increased from 3.5% in the second quarter of April-June. But the deficit is still below the 6.3% of GDP peak reached in the fourth quarter of 2005, with US exports now outstripping imports of crude oil and fuel.