US Trade Deficit Spikes in November
Friday, January 11, 2013
Record monthly trade deficits in manufacturing ($66.03 billion) and high tech products, said U.S. Business and Industry Council Research Fellow Alan Tonelson, “expose as wishful thinking widespread claims by President Obama and others that U.S. manufacturing is staging an historic comeback.”
“U.S. manufacturing exports
in November fell 2.86% on a monthly basis, from $85.95 billion to $83.47 billion. Industrial imports fell, too, but at less than half that rate – from $151.28 billion to $149.52 billion (1.17%),” said Tonelson. “As a result, the January-November manufacturing deficit is now running 7.67% ahead of 2011 levels. The total manufacturing trade gap this year of $633.76 billion also represents a new 11-month record – with the previous all-time high coming in 2011.”Click here to read the article...