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Economy in Brief
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...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller December 15, 2016
The U.S. current account deficit eased to $113.0 during the third quarter from $118.3 in Q2, revised from -$119.9 billion. The Q3 deficit figure compared to $111.6 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 2.4% was less than half the size in mid-2007.
The narrowing in the deficit reflected a shallower $177.7 billion deficit on goods trade. A 4.4% rise in goods exports outpaced the 1.2% gain in goods imports. The surplus on services trade eased to $61.3 billion as a 2.2% rise in imports outpaced the 1.1% gain in exports. In the capital account, the surplus on primary income eased slightly to $43.4 billion while the secondary income deficit expanded to $39.9 billion.
The current account data can be found in Haver's USECON database. The expectations figure is in the AS1REPNA database.
|US Balance of Payments SA||Q3'16||Q2'16||Q1'16||Y/Y||2015||2014||2013|
|Current Account Balance ($ Billion)||-113.0||-118.3||-131.8||-123.1||-463.0||-392.1||-366.4|
|Deficit % of GDP||2.4||2.6||2.9||2.7||2.6||2.3||2.2|
|Balance on Goods ($ Billion)||-177.7||-186.7||-186.3||-189.8||-762.6||-752.2||-702.2|
|Balance on Services ($ Billion)||61.3||62.0||61.1||64.2||262.2||262.0||240.4|
|Balance on Primary Income ($ Billion)||43.4||44.2||34.0||41.8||182.4||224.0||219.0|
|Balance on Secondary Income ($ Billion)||-39.9||-37.7||-40.6||-39.3||-145.0||-125.9||-123.5|