The U.S. current account deficit soared 28% in 2002 to a record $503.4 billion, the Commerce Department said Friday. The current account deficit amounted to a record 4.8 percent of gross domestic product for the year. The current account deficit is the widest measure of the U.S. economic imbalance with other nations. In the fourth quarter, the deficit rose to a record $136.9 billion from $126.3 billion in the third quarter. The deficit in goods and services was $120.2 billion. Net capital inflows in the quarter amounted to $100 million. Foreign-owned assets in the U.S. increased $183 billion, while U.S.-owned assets abroad increased $38.9 billion.
8:30AM US. Jan. inventories up 0.2% by Rex Nutting
Inventories of U.S. business increased 0.2 percent in January while sales rose 1.2 percent, the Commerce Department said Friday. The inventory-to-sales ratio slipped to 1.36 from 1.37, not far above the record low 1.35. Inventories at retailers rose 0.7 percent while sales rose 0.4 percent. Inventories at wholesalers fell 0.2 percent as sales jumped 1 percent. Inventories at manufacturers were flat while sales soared 2.2 percent.
8:30AM US. Jan. inventories up 0.2% by Rex Nutting
Inventories of U.S. business increased 0.2 percent in January while sales rose 1.2 percent, the Commerce Department said Friday. The inventory-to-sales ratio slipped to 1.36 from 1.37, not far above the record low 1.35. Inventories at retailers rose 0.7 percent while sales rose 0.4 percent. Inventories at wholesalers fell 0.2 percent as sales jumped 1 percent. Inventories at manufacturers were flat while sales soared 2.2 percent.
