current account deficit hits record high

.S. Q1 current account deficit up to record $195.1 bln By Greg Robb
WASHINGTON (MarketWatch) - The U.S. current account deficit widened by 3.6% to a record $195.1 billion in the first quarter, the Commerce Department reported Friday. The deficit amounted to a record 6.4% of gross domestic product. The widening of the deficit was above forecasts. Economists expected the current account to widen to $189.4 billion in the first quarter. The increase in the current account was largely due to a larger deficit in trade of goods, which rose to $186.3 billion. Foreign-owned assets in the United States increased $226.1 billion in the first quarter.