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- India: GDP Press (Q3)
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Economy in Brief
U.S. New Home Sales Almost Unchanged Since August
New single-family home sales around the country changed very little in October and also in September...
U.S. Q3 Growth GDP Unrevised at 33.1%; Corporate Profits Rebound
The second estimate of Q3 U.S. real GDP indicated that economic activity rose an unrevised 33.1% q/q...
U.S. Durable Goods Orders Rise Further in October
Manufacturers’ orders for durable goods increased 1.3% m/m (-0.3% y/y) in October...
U.S. Goods Trade Deficit Deepens During October
The advance estimate of the U.S. trade deficit in goods deepened to $80.29 billion during October...
U.S. Initial Jobless Claims Rise for a Second Week
Initial claims for regular state unemployment insurance rose again this past week ending November 21 to 778,000...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller September 16, 2005
The US current account deficit improved last quarter but it was from a 1Q record that was revised deeper. The 2Q deficit of $195.7B amounted to 6.3% of GDP. Consensus expectations had been for greater improvement to $193.0B.
The deficit in merchandise trade deteriorated to $186.9B from an unrevised $186.3B in 1Q. Exports grew 4.5% (11.7% y/y) and imports rose 2.6% (12.7% y/y).
The surplus on services improved for the third consecutive quarter to $13.6B from a downwardly revised 1Q surplus. Exports of services grew 1.2% (10.3% y/y and imports rose 1.0% (9.7% y/y).
From the capital account, US foreign direct investment abroad fell to $33.6B from an upwardly revised 1Q and foreign direct investment in the US nearly halved q/q to $17.6B.
Unwinding the Current Account Deficit from the Federal Reserve Bank of St. Louis can be found here.
| US Int'l Balance of Payments | 2Q '05 | 1Q '05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Current Account Deficit | $195.7B | $198.7B | $166.6B | $668.1B | $519.7B | $475.2B |
| Goods/Services/Income Deficit | $173.8B | $172.4B | $146.1B | $587.1B | $448.5B | $411.2B |
| Exports | 4.2% | 2.1% | 14.4% | 14.9% | 6.8% | -3.7% |
| Imports | 3.2% | 2.6% | 15.6% | 18.1% | 7.3% | 1.6% |
| Unilateral Transfers Deficit | $21.9B | $26.3B | $20.5B | $80.9B | $71.2B | $64.0B |
