Current account deficit hits another record

In case you hadn't heard, read it all here. Main story:

The U.S. current-account deficit--the combined balances on trade in goods and services, income, and net unilateral current transfers--increased to $665.9 billion in 2004 from $530.7 billion in 2003. An increase in the deficit on goods to $665.5 billion from $547.6 billion accounted for most of the increase. Other contributors to the increase in the deficit were a decrease in the surplus on income to $24.1 billion from $33.3 billion, an increase in net outflows on unilateral current transfers to $72.9 billion from $67.4 billion, and a decrease in the surplus on services to $48.4 billion from $51.0 billion. As a share of U.S. GDP, the deficit rose from 4.8 percent in 2003 to 5.7 percent in 2004.

This was not a surprise, of course. Still, it shouldn't go unnoticed.