Falling U.S. exports widen 3Q trade deficit

23 Dec 2015 | Author: | No comments yet »

Falling U.S. exports widen 3Q trade deficit.

Washington • A drop in exports of petroleum and other U.S. goods increased the deficit in the broadest measure of U.S. trade in the July-September quarter. WASHINGTON (MarketWatch) — The U.S. current-account deficit, a measures of the nation’s debt to other countries, rose 11.7% in the third quarter to the highest level since 2008. The deficit increased to a seasonally adjusted $124.1 billion from a revised $111.1 billion in the second quarter, the Commerce Department said Thursday.

The increase in the current-account deficit was largely accounted for by a decrease in the surplus on primary income and an increase in the deficit on secondary income. At the same time, other major central banks, such as the European Central Bank and Bank of Japan, are still taking steps to lower rates and stimulate growth. The U.S. current account deficit is down sharply from the peak of 6.5% of GDP in the fourth quarter of 2005, but it’s up from the most recent low of 2.4% in mid-2009. That will slightly boost rates on credit cards and home equity lines of credit, but mortgage rates and auto loans aren’t likely to rise much anytime soon.

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