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Economy in Brief
EMU Trade and Current Account Surplus Rise As Trade Flows Ease
The EMU current account and trade accounts widened as merchandise exports rose and imports contracted...
U.S. Leading Economic Indicators Decline
The Conference Board's Composite Index of Leading Economic Indicators fell 0.3% (+1.6% y/y) during June...
Philadelphia Fed Manufacturing Index Rebounds
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U.S. Initial Claims for Unemployment Insurance Rise in Line with Expectations
Initial claims for unemployment insurance increased 8,000 to 216,000 (1.9% y/y) during the week ending July 13...
Japan's Trade Deficit Narrows
Japan sits in a position where it risks being collateral damage in a U.S.-China trade war...
by Tom Moeller June 20, 2019
The U.S. current account deficit narrowed to $130.4 billion during Q1'19 from $143.9 billion during Q4'18, revised from $134.4 billion. It compared to a $125.0 billion deficit expected in the Action Economics Forecast Survey. As a percent of GDP, the deficit narrowed to 2.5% from 2.8% in Q4.
The smaller deficit last quarter was due to a lessened $216.5 billion shortfall on goods trade. Goods exports rose 0.6% (2.1 % y/y) and reversed the Q4 decline, while goods imports declined 2.1% (+0.7% y/y) following a 0.3% rise.
The surplus on services trade was little changed at $61.9 billion, but earlier surpluses were revised down. Services exports rose 1.1% (0.8% y/y) after holding steady in Q4. Telecommunications, computer & information services exports gained 0.6% (5.6% y/y) after two quarters of strong increase. Exports of intellectual property rights declined 0.7% (-6.4% y/y), the fourth straight quarter of decline. Travel exports improved 2.6% (0.5% y/y). Services imports gained 1.1% (5.3% y/y) after two quarters of stronger increase. Charges for intellectual property rose 0.3% (2.1% y/y) and travel imports strengthened 1.8% (7.0% y/y). Telecommunications, computer & information services imports rose 1.8% (7.4% y/y).
The surplus on primary income rose modestly to $61.1 billion, down versus the record high of $66.4 billion reached one year earlier. The deficit on secondary income widened to a record $36.9 billion.
Balance of Payments data are in Haver's USINT database, with summaries available in USECON. The expectations figure is in the AS1REPNA database.
| US Balance of Payments SA | Q1'19 | Q4'18 | Q3'18 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|
| Current Account Balance ($ Billion) | -130.4 | -143.9 | -125.7 | -491.0 | -439.6 | -428.3 |
| Deficit % of GDP | -2.5 | -2.8 | -2.4 | 2.4 | 2.3 | 2.3 |
| Balance on Goods ($ Billion) | -216.5 | -232.3 | -227.9 | -887.3 | -805.2 | -749.8 |
| Exports | 0.6% | -0.6% | -1.8% | 7.8% | 6.6% | -3.6% |
| Imports | -2.1% | 0.3% | 2.2% | 8.6% | 6.9% | -2.9% |
| Balance on Services ($ Billion) | 61.9 | 61.2 | 64.5 | 259.7 | 255.1 | 246.8 |
| Exports | 1.1% | 0.0% | 0.3% | 3.5% | 5.3% | 0.4% |
| Imports | 1.1% | 2.4% | 1.8% | 4.3% | 6.3% | 4.0% |
| Balance on Primary Income ($ Billion) | 61.1 | 60.1 | 64.7 | 254.0 | 225.8 | 198.7 |
| Balance on Secondary Income ($ Billion) | -36.9 | -32.8 | -27.0 | -117.3 | -115.3 | -124.0 |
