The U.S. current-account deficit hit a three-year high

The Commerce Department reported that the U.S. current-account gap increased unexpectedly during the first three months of the year, reaching USD137.3 billion. This is a 16% growth from a figure for the preceding quarter, which was revised down to the deficit of USD118.7 billion from USD124.1 billion. Analysts had predicted that the current-account deficit will be equal to USD131.9 billion.