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Economy in Brief
U.S. Mortgage Applications Continue to Weaken
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Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
by Tom Moeller June 17, 2011
Reported yesterday, the
U.S. current account deficit rose in Q1 to $119.3B from a revised $112.2B
in Q1 as the gain in imports beat exports. Consensus expectations were for
$128.0B. The ratio to GDP was 3.2%, the same as for all of last year. The
overall deficit's increase occurred as the goods deficit in Q1 deepened to
$182.5B. The 8.3% q/q increase in imports, driven by higher oil prices,
outpaced the 5.5% rise in exports. The
surplus on services trade rose slightly to $41.7B in Q1. Exports and
imports of services rose by roughly equal amounts due to gains in
passenger fares. The balance on income
surged last quarter to a record $54.8B from $39.9B in Q4.
From the capital account, Q1 saw $507.1B paid to foreigners on investment in the U.S. which by far exceeded $325.2B in payments to the U.S. The imbalance largely reflects foreign ownership of U.S. financial assets. Payments on foreign direct investment in the U.S. fell sharply to $25.3B while payments on investment abroad increased to $86.5B.
Balance of Payments data are in Haver's USINT database, with summaries available in USECON. The expectations figure is in the AS1REPNA database.
| US Balance of Payments SA | Q1'11 | Q4'10 | Q3'10 | Year Ago | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Current Account Balance($ Bil.) | -119.3 | -112.2 | -120.1 | -118.3 | -470.9 | -376.6 | -677.1 |
| Deficit % of GDP | 3.2% | 3.0% | 3.3% | 3.3% | 3.2% | 2.7% | 4.7% |
| Balance on Goods ($ Bil.) | -182.5 | -159.2 | -167.8 | -140.1 | -645.9 | -505.9 | -830.1 |
| Exports | 5.5% | 5.3% | 3.0% | 18.6% | 20.5% | -18.2% | 12.3% |
| Imports | 8.3% | 1.7% | 2.4% | 18.9% | 22.8% | -26.3% | 7.8% |
| Balance on Services ($ Bil.) | 41.7 | 40.5 | 36.7 | 33.2 | 145.8 | 124.6 | 131.8 |
| Exports | 2.0% | 1.7% | 3.3% | 9.8% | 8.6% | -5.5% | 9.1% |
| Imports | 1.6% | -1.3% | 3.2% | 4.5% | 5.8% | -5.6% | 9.5% |
| Unilateral Transfers ($ Bil.) | -33.2 | -33.4 | -34.8 | -35.0 | -136.1 | -123.3 | -125.9 |
