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Record Trade Deficit
Spending like heck - and not being too much bothered by it, at least not just year. Here's the official report on the trade deficits:
The U.S. current-account deficit--the combined balances on trade in goods and services, income, and net unilateral current transfers--increased to $195.1 billion in the first quarter of 2005 (preliminary) from $188.4 billion (revised) in the fourth quarter of 2004. The increase was more than accounted for by increases in the deficit on goods and in net outflows for unilateral current transfers. These increases were partly offset by increases in the surplus on services and in the surplus on income.
Goods and services
The deficit on goods and services increased to $171.8 billion in the first quarter from $169.2 billion in the fourth.
Goods
The deficit on goods increased to $186.3 billion in the first quarter from $182.2 billion in the fourth.
Goods exports increased to $213.8 billion from $208.9 billion. Much of the increase was in industrial supplies and materials, in consumer goods, and in capital goods.
Goods imports increased to $400.2 billion from $391.1 billion. More than half of the increase was accounted for by a step-up in consumer goods; all other major commodity categories also increased.
Services
The surplus on services increased to $14.6 billion in the first quarter from $13.0 billion in the fourth.
Services receipts increased to $93.8 billion from $90.0 billion. The largest increases were in transfers under U.S. military agency sales contracts, in travel, and in "other" private services (such as business, professional, and technical services, insurance services, and financial services).
Services payments increased to $79.3 billion from $77.1 billion. The largest increases were in "other" transportation (such as freight and port services) and in "other" private services.
Income
The surplus on income increased to $3.8 billion in the first quarter from $3.2 billion in the fourth.
Investment income
Income receipts on U.S.-owned assets abroad decreased slightly to $105.2 billion from $105.4 billion. A decrease in direct investment receipts more than offset an increase in "other" private receipts (which consists of interest and dividends).
Income payments on foreign-owned assets in the United States decreased slightly to $100.1 billion from $100.7 billion. A decrease in direct investment payments more than offset increases in U.S. Government payments (which consists of interest) and in "other" private payments (which consists of interest and dividends).
Compensation of employees
Receipts for compensation of U.S. workers abroad decreased slightly to $0.7 billion from $0.8 billion, and payments for compensation of foreign workers in the United States decreased to $2.1 billion from $2.3 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $27.1 billion in the first quarter, up from net outflows of $22.4 billion in the fourth as a result of increases in U.S. Government grants and in private remittances and other transfers.
Record Trade Deficit
Spending like heck - and not being too much bothered by it, at least not just year. Here's the official report on the trade deficits:
The U.S. current-account deficit--the combined balances on trade in goods and services, income, and net unilateral current transfers--increased to $195.1 billion in the first quarter of 2005 (preliminary) from $188.4 billion (revised) in the fourth quarter of 2004. The increase was more than accounted for by increases in the deficit on goods and in net outflows for unilateral current transfers. These increases were partly offset by increases in the surplus on services and in the surplus on income.
Goods and services
The deficit on goods and services increased to $171.8 billion in the first quarter from $169.2 billion in the fourth.
Goods
The deficit on goods increased to $186.3 billion in the first quarter from $182.2 billion in the fourth.
Goods exports increased to $213.8 billion from $208.9 billion. Much of the increase was in industrial supplies and materials, in consumer goods, and in capital goods.
Goods imports increased to $400.2 billion from $391.1 billion. More than half of the increase was accounted for by a step-up in consumer goods; all other major commodity categories also increased.
Services
The surplus on services increased to $14.6 billion in the first quarter from $13.0 billion in the fourth.
Services receipts increased to $93.8 billion from $90.0 billion. The largest increases were in transfers under U.S. military agency sales contracts, in travel, and in "other" private services (such as business, professional, and technical services, insurance services, and financial services).
Services payments increased to $79.3 billion from $77.1 billion. The largest increases were in "other" transportation (such as freight and port services) and in "other" private services.
Income
The surplus on income increased to $3.8 billion in the first quarter from $3.2 billion in the fourth.
Investment income
Income receipts on U.S.-owned assets abroad decreased slightly to $105.2 billion from $105.4 billion. A decrease in direct investment receipts more than offset an increase in "other" private receipts (which consists of interest and dividends).
Income payments on foreign-owned assets in the United States decreased slightly to $100.1 billion from $100.7 billion. A decrease in direct investment payments more than offset increases in U.S. Government payments (which consists of interest) and in "other" private payments (which consists of interest and dividends).
Compensation of employees
Receipts for compensation of U.S. workers abroad decreased slightly to $0.7 billion from $0.8 billion, and payments for compensation of foreign workers in the United States decreased to $2.1 billion from $2.3 billion.
Unilateral current transfers
Unilateral current transfers were net outflows of $27.1 billion in the first quarter, up from net outflows of $22.4 billion in the fourth as a result of increases in U.S. Government grants and in private remittances and other transfers.
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