Shipping containers are unloaded from ships at a container terminal at the Port of Long Beach-Port of Los Angeles complex, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles © Thomson Reuters
Reuters: U.S. trade deficit shrinks sharply as imports tumble
WASHINGTON (Reuters) - The U.S. trade deficit contracted by the most in nearly 14 years in November as slowing domestic demand amid higher borrowing costs depressed imports.
The trade deficit decreased 21.0% to $61.5 billion, the lowest level since September 2020, the Commerce Department said on Thursday.
The percentage decline in the trade gap was the largest since February 2009. Imports tumbled 6.4% to $313.4 billion, with goods dropping 7.5% to $254.9 billion. Consumer goods imports were the lowest since December 2020.
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Update: U.S. trade deficit shrinks 21% to 26-month low as imports tumble (Market Watch)
WNU Editor: Can we now call it a recession.
1 comment:
The not so well kept secret is that government-created inflation helps with reducing the deficit.
(but don't tell the proles)
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