The U.S. current account deficit narrowed in the second quarter by the most on record, according to new Bureau of Economic Analysis data released on Sept. 23.
The current account is a summary of the nation’s balance of payments, tracking the movement of goods, services, and capital between the United States and the rest of the world. A deficit occurs when the United States imports more goods and services than it exports, indicating that more money is flowing out of the country.
In the second quarter, the current account deficit plunged by $188.5 billion, or 43 percent, to $251.3 billion, from the all-time high of $439.8 billion registered in the first three months of the year….