This from the WSJ....
- SEPTEMBER 9, 2010, 8:53 A.M. ET
U.S. Trade Gap Narrows
By TOM BARKLEY And IAN TALLEY
The U.S. trade deficit contracted sharply in July, posting its biggest drop in 17 months as exports of airplanes surged and U.S. demand for imports fell across the board.
Meanwhile, in an optimistic sign for labor conditions, the number of U.S. workers filing new claims for jobless benefits fell last week by a lot more than economists expected.
The U.S. deficit in international trade of goods and services narrowed by 14% to $42.78 billion from a downwardly revised $49.76 billion the month before, the Commerce Department said Thursday. The June trade gap was originally reported as $49.90 billion.
U.S. exports expanded 1.8% to $153.33 billion, the highest level since August 2008, from $150.57 billion in June. Imports registered their biggest decline since February of last year, falling 2.1% to $196.11 billion from $200.33 billion in June.
The deficit reduction, which followed three straight months of gains, was much bigger than expected. Economists surveyed by Dow Jones Newswires had predicted a $47 billion trade gap.
The U.S. trade deficit with China also declined, to $25.92 billion from $26.15 billion in June.
Still, the improvement in the trade gap with China is unlikely to quiet calls for action by U.S. lawmakers against what they claim to be unfair trade practices by the country, including its tightly managed currency policy.
(more... from http://online.wsj.com/article/SB1000...googlenews_wsj)



Reply With Quote

Bookmarks