Robust imports push U.S. trade deficit to record high in March
Wednesday, May 4, 2022 | Tag Cloud Tags: deficit, Economy, EU, News, Trade, Worthy News | Learn about our FREE SYNDICATION Service | Sign up for our Worthy Briefs! | Printer Friendly
(Worthy News) – The U.S. trade deficit surged to a record high in March, confirming that trade weighed on the economy in the first quarter and could remain a drag for a while as businesses replenish inventories with imported goods.
The Commerce Department said on Wednesday that the trade deficit accelerated 22.3% to $109.8 billion in March amid a record increase in imports. Economists polled by Reuters had forecast a $107 billion deficit.
The government reported last week that a record trade deficit sliced 3.20 percentage points from gross domestic product in the first quarter, resulting in GDP contracting at a 1.4% annualized rate after growing at a robust 6.9% pace in the fourth quarter. [ Source: Reuters (Read More…) ]
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.