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Current account, Existing home sales

Summary:
Q4 worse than expected and prior quarter revised lower, which means downward GDP revisions: Highlights The current-account deficit increased to a roughly as-expected 8.2 billion in the fourth quarter vs the third quarter’s slightly revised 1.5 billion deficit which benefited from .9 billion in hurricane-related insurance payments. As a percentage of GDP, the fourth-quarter deficit rose to a still moderate 2.6 percent from the prior quarter’s 2.1 percent. Fourth-quarter details include a swelling in the goods deficit, reflecting rising imports of industrial supplies and consumer goods, and also a deepening deficit in secondary income, here reflecting a decrease in U.S. government transfers. Notice how they’ve gone flat:

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Q4 worse than expected and prior quarter revised lower, which means downward GDP revisions:

Current account, Existing home sales

Highlights

The current-account deficit increased to a roughly as-expected $128.2 billion in the fourth quarter vs the third quarter’s slightly revised $101.5 billion deficit which benefited from $24.9 billion in hurricane-related insurance payments. As a percentage of GDP, the fourth-quarter deficit rose to a still moderate 2.6 percent from the prior quarter’s 2.1 percent.

Fourth-quarter details include a swelling in the goods deficit, reflecting rising imports of industrial supplies and consumer goods, and also a deepening deficit in secondary income, here reflecting a decrease in U.S. government transfers.

Notice how they’ve gone flat:

Current account, Existing home sales

WARREN MOSLER
Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc.

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