By John Lipold
Washington, Sept. 12 (BridgeNews) - The U.S. current account deficit narrowed to $106.5 billion in the second quarter, down 4.7% from the first quarter level, largely because of a contraction in the U.S. trade deficit, the Commerce Department announced Wednesday. The government revised the current account deficit for the fourth quarter to $111.8 billion. The current account, the broadest measurement of U.S. worldwide transactions, comprises goods and services trade, investment income and foreign aid payments.

TRADE STATISTICS
The U.S. goods trade deficit shrunk to $107.8 billion in the second quarter, from $112.5 billion the previous quarter. The drop in the trade deficit comes at a time when U.S. economic growth has weakened and the economy has threatened to tip into recession. Import volumes typically soften when economic growth slows. Meanwhile, the services trade surplus widened to $18.9 billion in the second quarter from $17.5-billion in the first quarter.