- US: GDP & Corporate Profits (Q4, 3rd release)
- Canada: Industrial Products & Raw Material Prices (Feb)
- Spain: Flash HICP and CPI, Construction Business Survey Press (Mar)
- Euro area: EC Business and Consumer Surveys (Mar)
- Belize: GDP (Q4)
- Chile: IP (Feb); Brazil: Retail Trade - Rebased 2014=100 (Jan)
- Croatia: Employment, Retail Trade Press (Feb), Earnings (Jan); Bulgaria: PPI (Feb); Montenegro: Wages (Feb); Latvia: Retail Trade (Jan); Lithuania: External Debt Service (Q4);
- more updates...
Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
by Tom Moeller September 16, 2016
The U.S. current account deficit eased to $119.9 billion in the second quarter from $131.8 billion Q1'16, revised from -$124.7 billion. The Q2 deficit figure compared to $121.9 billion expected in the Action Economics Forecast Survey. The deficit has been trending sideways since early last year. As a percent of GDP, the deficit last quarter of 2.6% was less than half the size in late 2006.
The modest narrowing in the deficit last quarter was due to a 0.5% rise in services exports (-1.5% y/y) which outpaced the 0.4% gain in imports (+2.1% y/y). The surplus on services trade has nevertheless fallen to $61.5 billion from its peak of $67.0 billion in Q1'15. The balance on merchandise trade has been trending sideways, last quarter to $186.7 billion. Exports rose 1.7% (-6.2% y/y) and imports gained 1.2% (-4.8% y/y). The surplus on primary income fell sharply to $42.9 billion from its Q4'13 peak of $57.2 billion. The deficit on secondary income has been trending lower since early 2014.
Balance of Payments data are in Haver's USINT database, with summaries available in USECON. The expectations figure is in the AS1REPNA database.
|US Balance of Payments SA||Q2'16||Q1'16||Q4'15||Y/Y||2015||2014||2013|
|Current Account Balance ($ Billion)||-119.9||-131.8||-113.4||-111.9||-463.0||-392.1||-366.4|
|Deficit % of GDP||2.6||2.9||2.5||2.5||2.6||2.3||2.2|
|Balance on Goods ($ Billion)||-186.7||-186.3||-188.4||-190.9||-762.6||-752.2||-702.2|
|Balance on Services ($ Billion)||61.5||61.1||64.2||66.8||262.2||262.0||240.4|
|Balance on Primary Income ($ Billion)||42.9||34.0||47.1||45.1||182.4||224.0||219.0|
|Balance on Secondary Income ($ Billion)||-37.6||-40.6||-36.3||-32.9||-145.0||-125.9||-123.5|