U.S. Current Account Deficit Narrows To $109.7 Billion In Second Quarter

The U.S. current account deficit narrowed to a preliminary $109.7 billion in the second quarter, or 2.5% of gross domestic product, from a revised $118.3 billion, or 2.7%, in the first quarter, government data show. The smaller deficit resulted from narrower deficits on goods and secondary income, the Commerce Department said Thursday. Increases in the surpluses on primary income and services also contributed to the decrease in the current-account deficit which peaked at 6.5% of GDP at the end of 2005 and has been sharply lower since the end of the Great Recession. The current-account gap in the first quarter was revised up from a previous $113.3 billion.