The current account deficit, which essentially reflects U.S. expenditure exceeding income, rose sharply in the third quarter to its highest level in 15 years, driven by a reduced surplus in services and a surge in goods imports as businesses rushed to build up inventories in the face of strong demand. The Commerce Department said in a Dec. 21 release that the U.S. current-account deficit grew by $16.5 billion, or 8.3 percent, in the third quarter to $214.8 billion. That’s the highest level in 15 years, when it hit $218.4 billion in the third quarter of 2006. “The $16.5 billion widening of the current-account deficit in the third quarter reflected a reduced surplus on services and expanded deficits on secondary income and on goods that were partly offset by an expanded surplus on primary income,” the Commerce Department said. The extent of the shortfall was an upside surprise, with consensus forecasts …