The U.S. current account deficit soared to its highest level in nearly 12 years in the second quarter as the COVID-19 pandemic weighed on the export of goods and services, offsetting a shrinking import bill.
The Commerce Department said on Friday the current account deficit, which measures the flow of goods, services and investments into and out of the country, jumped 52.9per cent to US$170.5 billion last quarter. That was the biggest gap since the third quarter of 2008 when the economy was working its way through the Great Recession.Data for the first quarter was revised to show a US$111.5 billion shortfall, instead of US$104.2 billion as previously reported.
The Commerce Department's Bureau of Economic Analysis, which compiles the data, said the decline in transactions resulted"in part from the impact of COVID-19, as many businesses were operating at limited capacity or ceased operations completely, and the movement of travelers across borders was restricted."
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