US current account deficit widens in third quarter

The US third quarter current account deficit widened to its highest level in nearly seven years, according to data from the Commerce Department.

Official figures showed the deficit increased 11.7% to $121.4bn as US exports fell due to a stronger dollar, making it the biggest shortfall since the final quarter of 2008 and larger than economists had expected.

Meanwhile, the second quarter deficit was revised up to $111.1bn from $109.7bn.