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. Last Updated: 07/27/2016

U.S. Trade Deficit Soars

WASHINGTON -- The overall U.S. trade deficit surged to $61.3 billion from July through September, a fourth consecutive record, as the Asian financial crisis hit even harder.

The current-account deficit rose 8.1 percent in the third quarter compared to a deficit of $56.7 billion in the spring, the U.S. Commerce Department reported Wednesday.

It marked the fourth straight quarterly record for the current account, the broadest measure of the United States' international performance, which tracks not only trade in goods and services but also investment flows and foreign aid.

The current-account deficit is on its way to a record high of $220 billion, far surpassing last year's deficit of $155.2 billion and topping the previous record of $168 billion set in 1987.