WASHINGTON (AP) - "America's trade deficit soared to an all-time high of $60.3 billion in November, reflecting record levels for imports of everything from oil and consumer goods to farm products, the government reported Wednesday.
The Commerce Department said the November deficit was up 7.7 percent from an imbalance of $56 billion in October, which had been the previous monthly record. The new record caught private economists by surprise. They had been forecasting a slight narrowing in the November trade gap.
"This caught a lot of us by surprise. We had been anticipating a pull back in the November deficit because of a decline in the price of oil," said Jason Schenker, an economist at Wachovia Bank in Charlotte, N.C.
The trade deficit through November totaled $561.3 billion, far above the previous annual record of $496.5 billion set in 2003, and put the country on track to record a trade imbalance topping $600 billion when the December figures are added."
1 comment:
This, of course, begs the question:
what are you willing to debase yourself for?
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