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U.S. current account trade deficit climbs to second highest level in history
The U.S. deficit in the broadest measure of foreign trade increased in the spring to the second-highest level in history, reflecting a big jump in payments for foreign oil. The Commerce Department reported Monday that the deficit in the current account rose to US$218.4 billion in the April-June quarter, an increase of 2.4 per cent over the deficit in the first three months of the year. The current account is the broadest measure of foreign trade because it covers not only trade in goods and services but also investment flows between countries. The deficit represents the amount the United States must borrow from foreigners to cover the shortfall between exports and imports.
The US has lost nearly three million manufacturing jobs since President George W. Bush took office.
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