Recent Updates
- Hong Kong: Movements of Aircraft, Passenger and Freight (Apr)
- US: Mfg & Trade Inventories & Sales (Mar), IP & Capacity Util, Adv Retail Sales (Apr)
- US: NAHB\Wells Fargo Housing Market Index (Mar)
- US: Industrial Production Detail (Apr)
- more updates...
Economy in Brief
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
U.S. Empire State Manufacturing Index Declines in May
The Empire State Manufacturing Index of General Business Conditions dropped thirty-six points...
Surging Imports Send the EMU Trade Scene Deeper into Deficit
The trade balance for the Euro Area fell sharply to 17.5 billion euros in March...
U.S. Import Prices Hold Steady While Export Prices Rise in April
Import prices held steady m/m (+12.0% y/y) in April...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
"Core" GDP Suggests Economy Gained Momentum in Q1:2022
by Tom Moeller December 18, 2012
The U.S. current account deficit lessened last quarter to $107.5B from $118.1B in Q2. The easing left the deficit to GDP ratio at 2.7%, its least in roughly three years. Total exports gained 0.2% (1.7% y/y) although goods exports slipped 0.2% (+2.9% y/y). Total imports fell 1.3% (+1.2y/y) paced by a 2.2% (+0.8% y/y) drop in merchandise imports. Services exports rose 1.0% (2.5% y/y) as travel exports gained 0.9% (7.9% y/y). Imports of services advanced a lesser 0.4% (0.3% y/y). Travel imports grew 0.7% (4.2% y/y).
From the capital account, $34.2B was withdrawn by foreigners on direct investment in the U.S. versus $101.4B in payments to the U.S. on direct investment abroad.
Balance of Payments data are in Haver's USINT database, with summaries available in USECON. The expectations figure is in the AS1REPNA database.
| US Balance of Payments SA | Q3'12 | Q2'12 | Q1'12 | Year Ago | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Current Account Balance ($ Bil.) | -107.5 | -118.1 | -133.6 | -108.2 | -465.9 | -442.0 | -382.0 |
| Deficit % of GDP | 2.7% | 3.0% | 3.5% | 3.2% | 3.1% | 3.1% | 2.7% |
| Balance on Goods ($Bil.) | -173.9 | -185.7 | -194.3 | -180.6 | -738.4 | -645.1 | -505.8 |
| Exports | -0.2% | 1.4% | 1.7% | 2.9% | 16.2% | 20.5% | -18.2% |
| Imports | -2.2% | -0.5% | 2.0% | 0.8% | 15.6% | 22.8% | -26.3% |
| Balance on Services ($Bil.) | 49.4 | 48.3 | 45.9 | 45.6 | 178.5 | 150.4 | 126.6 |
| Exports | 1.0% | 1.3% | 3.0% | 2.5% | 9.5% | 8.7% | -4.9% |
| Imports | 0.4% | -0.3% | 1.4% | 0.3% | 6.0% | 5.4% | -5.2% |
| Unilateral Transfers ($Bil.) | -33.8 | -32.7 | -32.7 | -31.8 | -133.1 | -131.1 | -122.5 |
