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 exports of goods and services.
FILE PHOTO: A container ship is shown at port in Long Beach, California, U.S. July 16, 2018. REUTERS/Mike BlakeWASHINGTON: 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 exports of goods and services. 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 highest level since the third quarter of 2008.Data for the first quarter was revised higher to show a US$111.5 billion shortfall, instead of US$104.2 billion as previously reported. Economists polled by Reuters had forecast the current account gap increasing to US$157.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US seeks to recover US$300m more in 1MBD assets held in Britain[WASHINGTON] The US Department of Justice is seeking to recover $300 million in additional assets allegedly associated with the multibillion-dollar 1MDB scandal, assets it has traced to an escrow account in the United Kingdom, the agency said on Wednesday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Sony PlayStation 5 to launch November priced US$499.99 and US$399.99Sony Corp said on Wednesday the next-generation PlayStation 5 console would launch in November priced at US$499.99 and US$399.99 for a version ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US judge temporarily blocks US postal service changes that states say would slow ballotsWASHINGTON (REUTERS) - A federal judge on Thursday (Sept 17) temporarily blocked the United States Postal Service from making operational changes that states say threaten the timely delivery of election mail.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Fires continue to rage in US as smoke reaches EuropeDevastating wildfires that have ravaged the US West Coast continued to rage on Wednesday as smoke from the deadly blazes spread across the country ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Belarus opposition leader is US protege: Russia spy chiefRussia's foreign intelligence chief on Wednesday accused the United States of protecting Belarus opposition leader Svetlana Tikhanovskaya and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US charges 5 Chinese, 2 Malaysians in wide-ranging hacking effort affecting over 100 companies in US, elsewhereWASHINGTON (REUTERS) - The US Justice Department said on Wednesday (Sept 16) it has charged five Chinese residents and two Malaysian businessmen in a wide-ranging hacking effort.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »