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US current account deficit widens in Q3

The U.S. current account deficit ballooned to $124.8 billion in the third quarter from the revised $101.2 billion in the second quarter, according to preliminary data from the U.S. Commerce Department's Bureau of Economic Analysis.

Econoday's consensus forecast was for a deficit of $125.0 billion.

The deficit represented 2.4% of current-dollar GDP in the third quarter, compared with 2.0% in the prior three-month period.

A $24.0 billion rise in the goods deficit was cited as the main driver of the increase in the overall gap.

Exports of goods and services and income receipts fell $6.2 billion to $930.3 billion. Goods exports were down $7.7 billion to $421.8 billion on weaker shipments of foods, feeds, beverages and soybeans.

Primary income receipts dropped $1.8 billion to $264.5 billion, largely due to a decline in direct investment income.

Services exports rose $1.8 billion to $207.6 billion.

Imports of goods and services and income payments advanced $17.4 billion to $1.055 trillion.