Worthy Christian News » US News » Trade Deficit Reaches Highest Level Seen in Seven Years
(Worthy News) - The trade deficit soared to the highest level seen since 2008, the height of the Great Recession, according to a preliminary report released Thursday by the Bureau of Economic Analysis.
The current account trade deficit, which is considered the most accurate measurement of the flow of investments, goods and services across America’s borders, jumped 9.9% in the first quarter due to a $9.6 billion decline in overseas investments, only partially offset by gains in the merchandise and services sectors.
According to the bureau, the trade deficit “increased to $124.7 billion (preliminary) in the first quarter of 2016 from $113.4 billion (revised) in the fourth quarter of 2015.” That was the highest deficit since the $152.5 billion shortfall in the fourth quarter of 2008. [ Source ]