Cheaper oil lowers US current account deficit in 2nd quarter - WAOW - Newsline 9, Wausau News, Weather, Sports

Cheaper oil lowers US current account deficit in 2nd quarter

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WASHINGTON (AP) -- Cheaper oil imports and greater U.S. exports lowered the deficit in the broadest measure of U.S. trade in the April-June quarter.
  
The Commerce Department says the current account deficit shrank to $109.7 billion, down from $118.3 billion in the first quarter. The current account tracks not only trade in goods and services but also investment flows.
  
Falling oil prices helped reduce the value of oil imports, lowering the trade deficit to $130 billion from $134.3 billion in the first quarter. Exports of goods and services increased to $564.7 billion from $561.7 billion.
  
The trade gap was a big drag on growth in the first three months of the year, when the economy barely expanded. But the smaller deficit in the second quarter contributed to a much faster expansion.
 

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