The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:
The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—decreased to $94.8 billion (preliminary) in the third quarter from $96.6 billion (revised) in the second quarter. The deficit decreased to 2.2 percent of current-dollar gross domestic product (GDP) from 2.3 percent in the second quarter. The decrease in the current-account deficit was more than accounted for by an increase in the surplus on income. A decrease in net outflows of unilateral current transfers—such as government grants, government pensions and other transfers, and private remittances—and an increase in the surplus on services also contributed to the decrease. These changes were partly offset by an increase in the deficit on goods.