U.S. current account deficit drops 9.1% in second quarter
WASHINGTON (MarketWatch) - The U.S. current-account deficit, a measures of the nation's debt to other countries, sank 9.1% in the second quarter to $119.9 billion, the government said. The decline mostly stemmed from an increase in investment in U.S. assets such as stocks and bonds. The current account reveals if a country is a net lender or debtor. The current account deficit was 2.6% of GDP in the second quarter. That's down from 2.9% in the first quarter and well below a record of 6.3% in 2005. The current-account deficit in the first quarter was revised up to $131.8 billion from $124.7 billion.
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