The U.S. Commerce Department released its current account data on Thursday. The U.S. current account deficit widened to $124.1 billion in the third quarter from $111.1 billion in the second quarter, missing expectations for a deficit of $118.0 billion. It was the largest deficit since the fourth quarter of 2008.

The second quarter's figure was revised down from a deficit of $109.7 billion.

The trade deficit increased due to a drop in the surplus on primary income and a rise in the deficit on secondary income.

Exports of goods fell to $379.9 billion in the third quarter from $384.7 billion in the second quarter, while goods imports declined to $569.9 billion from $573.9 billion.

The surplus on primary income decreased to $46.1 billion in the third quarter from $52.8 billion in the first quarter.

The deficit on secondary income rose to $36.6 billion in the third quarter from $30.8 billion in the first quarter.