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US Current Account Deficit Widens To $137.3B

7:45 AM, Jun 14, 2012   |    comments
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WASHINGTON (AP) - The U.S. current account trade deficit widened in the first three months to the largest imbalance since late 2008, reflecting a big increase in imports in oil, cars and machinery and a drop in U.S. earnings on overseas investments.

The Commerce Department says the deficit in the current account, the broadest measure of trade, jumped 15.7 percent to $137.3 billion, up from $118.7 billion in the final three months of last year.

U.S. exports of goods increased 1.6 percent to $388.5 billion, but imports rose a larger 2 percent to $583 billion with increases in shipments of oil, foreign-made cars and industrial machinery.

America's surplus in services, things such as airline tickets and financial services, increased but the U.S. surplus in investment income declined.

MARTIN CRUTSINGER
AP Economics Writer


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