WASHINGTON - The U.S. current account deficit increased to $127.2 billion in the third quarter, the fifth consecutive quarterly rise, the Commerce Department reported Thursday.
The second quarter current-account deficit was revised slightly lower by $100 million to $123.2 billion.
Economists had expected a $126.0 billion third quarter current account deficit, according to the median estimate from Thomson Reuters. The deficit has increased every quarter since hitting a 10-year low of $84.4 billion in the second quarter of 2009.
The third quarter deficit represented 3.5% of gross domestic product, up from 3.4% in the second quarter. It was the largest deficit percentage of GDP since the fourth quarter of 2008.
The deficit on goods and services increased to $134.4 billion from $133.1 billion in the second quarter.
Foreign-owned assets in the U.S. more than tripled to $506.1 billion, the highest level since the second quarter of 2007.
U.S.-owned assets abroad more than doubled to $324.5 billion, also the highest level since the second quarter of 2007.
