Washington-Sana
The US current account deficit jumped today to a record rate amid an increase in imports of goods as companies replenish their inventories to meet strong domestic demand.
Reuters quoted the US Department of Commerce as saying: The current account deficit, which measures the flow of goods, services and investment to and from the country, accelerated 29.6 percent to $291.4 billion last quarter.
The gap in the current account balance represents 4.8 percent of gross domestic product, the largest percentage since the third quarter of 2008, and increased from 3.7 percent in the October-December quarter.
But the deficit is still below the peak of 6.3 percent of GDP reached in the fourth quarter of 2005.
US President Joe Biden is trying to fight inflation in the United States to ease the burden amid the economic shocks that the country is experiencing.
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