The U.S. current account deficit soared to its highest level in nearly 12 years in the second quarter as the COVID-19 pandemic weighed on the exports of goods and services.
The Commerce Department said on Friday the current account deficit, which measures the flow of goods, services and investments into and out of the country, jumped 52.9% to $170.5 billion last quarter. That was the highest level since the third quarter of 2008.
Data for the first quarter was revised higher to show a $111.5 billion shortfall, instead of $104.2 billion as previously reported. Economists polled by Reuters had forecast the current account gap increasing to $157.9 billion in the April-June quarter.
Reporting by Lucia Mutikani; Editing by Kevin Liffey