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.

AP Economics Writer

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