However, this would be the peak and he expects a lower current account deficit in the new fiscal year that begins April.

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But if prices continue to rise at their current rate, that peak will be passed within a year in America.

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America can take some comfort from a narrowing of China's current-account surplus, from 11% of GDP at its peak in 2007 to 6.1% last year.

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However, at what may be the peak of the current boom, the number of tech jobs in the Valley remains down from a decade ago and unemployment is over 7.7%, just around the national average.

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