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US current account deficit drops to $98.9 billion

US Money
Posted at 9:28 AM, Sep 19, 2013
and last updated 2013-09-19 09:28:00-04

WASHINGTON (AP) — The U.S. current account trade deficit narrowed in the April-June quarter to the lowest level in nearly three years.

The Commerce Department says the current account deficit fell to $98.9 billion in the second quarter, a drop of 5.7 percent from the first quarter deficit of $104.9 billion.

The spring deficit was the lowest since a $93.8 billion imbalance in the third quarter of 2009, a period when the Great Recession had cut into demand for foreign goods.

The current account is the country's broadest measure of trade. It tracks not only the sale of goods and services but also investment flows.

The improvement in the second quarter represented a drop in the deficit for goods and increases in the surpluses on services and investment income.