US trade deficit bulges to record 55.5 billion dollars

[Judi Lynn]

US trade deficit bulges to record 55.5 billion dollars
12-14-2004, 16h38


Hector Mata - (AFP/File)
WASHINGTON (AFP) - The US trade gap unexpectedly shot to a record 55.5 billion dollars in October as Americans guzzled imports, particularly from China, and oil prices sizzled.

The gap grew from 50.9 billion dollars in September.

Wall Street analysts had predicted an October shortfall of about 53 billion dollars.

Over the first 10 months of 2004, the US trade deficit amounted to 500.5 billion dollars, already surpassing the entire annual deficit for the previous year, the Commerce Department said.
(snip/...)

http://www.turkishpress.com/business/news.asp?id=041214163848.0e1wn085.xml

[tanyev]

1. There's that word again...

Posted Dec 14 WASHINGTON (CBS.MW) -- The U.S. trade deficit widened by 8.9 percent in October to a record $55.5 billion...The trade deficit was larger than expected.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1069908

Posted Dec 9 WASHINGTON (CBS.MW) -- The number of people filing for state unemployment benefits for the first time unexpectedly rose 8,000 to 357,000 last week, the Labor Department said Thursday.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1056863

Maybe we need to start collecting these all into one thread.

[Supersedeas]

6. wouldn't hurt to have a collection--to forward to sheepish media

the MSM needs to be pushed into self-examination, they are very quiet since November's Diebold event.

As for the so-called, Fiscal Conservatives...they are even quieter.


Next November 2nd, we can all celebrate, quietly of course,

HAPPY DIEBOLD DAY

[Mountainman]

2. I have a question about this.

If an American company has a product manufactured in China and sells it in the U.S., is that considered an import from China? Just about anything in the model train hobby is manufactured outside the U.S.

[nickshepDEM]

3. How big was the trade deficit durring the Clinton admin?

I want to prove a poin to someone about deficits under Bush compared to Clinton.

[Judi Lynn]

4. Don't know if this will help, but it turned up in google.

I'm sure someone who's at home with this subject could help a lot more:

The Commerce Department reported that the nation's current account deficit increased by $9 billion to a record $89.95 billion in the third quarter. Exports of goods, services and income grew by $10.82 billion to $312.19 billion; however, imports rose much faster – increasing by $19.87 billion to $390.93 billion. Teamsters' President James Hoffa has stated that a trade deficit of this magnitude threatens jobs in the United States. The record trade deficit will likely be a matter of concern for the Clinton Administration, which has pushed free trade as a matter of national policy.

The current account measures the trade in goods and services across countries and other income flows such as investment and spending on foreign aid. The deficit in goods increased to $92.15 billion. The U.S. has a surplus in services such as airline and travel, but that surplus decreased to $18.32 billion. Income from U.S. investments abroad grew $2.71 billion to $69.09 billion in the third quarter. Nevertheless, the U.S. current account investment income deficit increased by $4.92 billion. The decrease was due, in part, to interest payments to foreigners that increased by $3 billion. An investment income deficit means that foreigners are earning more on their U.S. investments than Americans are earning overseas.

The record trade deficit may simply be a reflection of the strong economic growth in the U.S. and the lower rates of growth experienced by U.S. trading partners. Many economists believe that the U.S. trade deficit will narrow as the economies of our trading partners grows stronger.

The trade deficit will likely become a political issue in light of the controversy about China's proposed entry into the World Trade Organization. Many feel that further trade liberalization, such as proposed with China, will only worsen this deficit and cost the U.S. economy jobs. There are additional issues, such as human rights and environmental concerns, that have increased opposition to the Clinton Administration proposal.

(Updated January 1, 2000)
(snip)

http://www.swlearning.com/economics/econ_news/trouble.html

[ckramer]

5. Need more money?

Easy, print it.