US current account deficit expands to $116.8 billion

20 Juin, 2017, 17:07 | Author: Cyril Hebras
  • US current account deficit expands to $116.8 billion - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

The U.S. current-account deficit, a measures of the nation's debt to other countries, rose 2.5% to $116.8 billion in the first quarter.

The Commerce Department said Tuesday the deficit in the US current account rose to $116.8 billion in the January-March period, up 2.4 per cent from $114 billion in the last three months of 2016.

The fourth-quarter gap in the current account was raised to $114 billion from an original reading of $112.4 billion.

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Figures released Tuesday by the Bureau of Economic Analysis showed that the current account rose 2.5% to $116.8 billion in the first quarter.

The current account tracks movements of goods and services across borders, as well as income flows from investments and various other transfers such as remittances. A deficit means the U.S.is consuming more from overseas than it is selling abroad.

US President Donald Trump has pledged to reduce the US trade deficit, contending that it costs US factory jobs and reflects unfair practices by America's trading partners.

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