U.S. Trade Deficit Widened to a Record $68.9 Billion in October

[swag]

http://quote.bloomberg.com/apps/news?pid=10000006&sid=ab3LUjEy2hKk&refer=home

Dec. 14 (Bloomberg) -- The U.S. trade deficit unexpectedly widened to a record $68.9 billion in October, as imports of crude oil, automobiles and televisions increased, a government report showed.

The gap in goods and services trade reported by the Commerce Department today exceeded even the highest estimate in a Bloomberg News survey of economists. In September, the shortfall was $66 billion. Imports rose 2.7 percent and exports increased 1.7 percent in October. The U.S. had record deficits with China, Canada and Mexico.

U.S. economic growth may be limited in coming months as the country relies more on overseas rather than domestic production to meet demand for electronics, clothes and other goods, economists said. The resumption of Boeing Co. aircraft shipments and an increase in business equipment exports to overseas economies that are on the mend weren't enough to improve the trade balance.

``We saw a bit of a bounce back in exports, but there's only so far that can go,'' Michael Gregory, a senior economist at BMO Nesbitt Burns in Toronto, said before the report. ``Petroleum imports and a still-strong U.S. dollar will conspire to keep the gap near record levels for the next several months.''

Economists expected the deficit to narrow to $62.8 billion for the month compared with a previously reported $59 billion gap in September, according to the median of 61 estimates in a Bloomberg News survey. The estimates ranged from $59.5 billion to $65 billion.

. . . more

[DELUSIONAL]

1. Thanks Mr. MBA bushie . . .

[SpiralHawk]

2. The psuedo-conservative Republicans spend like drunken sailors

They're not conservative.

Republicans have no respect for basic economics and are driving America to the poor house.

[madrchsod]

3. well i feel better now about ever getting a good job

before i retire in a few years. i don`t have to get my hopes up...

[madmark]

4. People are spending borrowed equity from their homes with

inflated values on consumer goods. For many it will be an recipe for disaster.

[Toots]

5. Seems to me Rush had a bunch to say about the trade deficit under Clinton

In fact all the Republicans had a lot to say but complete silence now...Wonder why that is????:shrug:

[Thom Little]

6. U.S. Trade Deficit Reaches All-Time High

A surge in oil imports and a flood of Chinese televisions, toys and computers helped to drive the U.S. trade deficit to an all-time high in October.

The Commerce Department reported Wednesday that the gap between what America sells overseas and what it imports rose by 4.4 percent to $68.9 billion, surpassing the record of $66 billion set in September.

The United States incurred record deficits in October with most of its major trading partners including China, the 25-nation European Union, Canada and Mexico. This development is certain to increase protectionist pressures in Congress, with many lawmakers already unhappy with the Bush administration's trade policies.

The worse-than-expected October performance was blamed in part on the Gulf Coast hurricanes. They curtailed domestic production of oil, chemicals and plastics, forcing companies to turn to overseas suppliers.


http://www.courant.com/business/nationworld/ats-ap_business10dec14,0,6798895.story?coll=sns-ap-topbusiness