Recent Updates
- Global Supply Chain Pressure Index (Mar, Apr)
- US: Job Openings and Labor Turnover Survey by State (Mar)
- US: New Residential Construction (Apr)
- Canada: CPI (Apr)
- Japan: NCI Economic Activity Index (May)
- more updates...
Economy in Brief
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
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...
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 September 19, 2018
The U.S. current account deficit fell to $101.5 billion during Q2 2018 from $121.7 billion in Q1. It was the smallest deficit since Q4 2015 and compared to $103.5 billion expected in the Action Economics Forecast Survey. As a percent of GDP, the deficit declined to 2.0% from 2.4%.
The smaller deficit last quarter was partly due to a shallower $203.2 billion shortfall on goods trade. Goods exports increased 4.3%, while goods imports held steady.
Additionally, the surplus on services trade increased to a record $69.3 billion. Services exports rose 1.5%. Telecommunications, computer & information services exports gained 2.5% (8.2% y/y). Exports of intellectual property rights rose 1.8% (6.1% y/y) while travel exports rose 0.6% (2.7% y/y). Services imports gained 0.4%. Charges for intellectual property declined 1.5% (-11.5% y/y) and travel imports increased 0.1% (6.2% y/y). Telecommunications, computer & information services imports rose 1.7% (5.5% y/y).
The surplus on primary income eased to $60.8 billion, but remained near the record high. The deficit on secondary income also slipped to $28.5, and remained narrower y/y.
From the capital account, the deficit on foreign direct investment shrank to $29.1 billion. This year's deficits compare to surpluses through most of the post-war period.
Balance of Payments data are in Haver's USINT database, with summaries available in USECON. The expectations figure is in the AS1REPNA database.
US Balance of Payments SA | Q2'18 | Q1'18 | Q4'17 | 2017 | 2016 | 2015 |
---|---|---|---|---|---|---|
Current Account Balance ($ Billion) | -101.5 | -121.7 | -116.1 | -449.1 | -432.9 | -409.8 |
Deficit % of GDP | -2.0 | -2.4 | -2.3 | -2.3 | -2.3 | -2.2 |
Balance on Goods ($ Billion) | -203.2 | -220.8 | -212.4 | -807.5 | -751.1 | -761.9 |
Exports | 4.3% | 2.4% | 3.6% | 6.6% | -3.6% | -7.6% |
Imports | 0.0% | 2.9% | 5.1% | 6.9% | -2.9% | -4.7% |
Balance on Services ($ Billion) | 69.3 | 66.8 | 64.6 | 255.2 | 249.1 | 263.3 |
Exports | 1.5% | 1.0% | 1.3% | 5.1% | 0.5% | 1.9% |
Imports | 0.4% | -0.2% | 1.6% | 6.4% | 3.6% | 2.3% |
Balance on Primary Income ($ Billion) | 60.8 | 61.2 | 62.4 | 221.7 | 193.0 | 203.6 |
Balance on Secondary Income ($ Billion) | -28.5 | -28.9 | -30.7 | -118.6 | -123.9 | -112.8 |