NewsMine — economy — united-states — 2005 — 2005-apr-july — Viewing Item

Trade gap widens more than expected Original Source Link: (May no longer be active)    http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=8155451 http://www.reuters.com/financeNewsArticle.jhtml?type=businessNews&storyID=8155451 Trade Gap Widens More Than Expected Tue Apr 12, 2005 08:34 AM ET WASHINGTON (Reuters) - The U.S. trade deficit grew more than expected in February to a record $61.0 billion, as the U.S. economy sucked in record imports, the government said on Tuesday in a new report. The trade gap widened 4.3 percent from January, despite a slight increase in exports to a record $100.5 billion. The monthly shortfall was greater than the median estimate of $59 billion from Wall Street analysts. The unexpectedly large jump in the trade gap is likely to cause analysts to trim their estimates for first-quarter economic growth. U.S. exports continued to be strong, exceeding $100 billion for the third consecutive month. Higher shipments of industrial supplies and materials and consumers goods more than offset declines in capital goods and autos. Imports set records in several categories - including autos and auto parts, consumer goods and industrial supplies and materials - in a sign of strong U.S. demand. A jump in average monthly crude oil import prices to $36.85 per barrel propelled the value of petroleum and product imports to the second highest level on record, despite the lowest volume of crude oil in a year. Overall imports from China dipped to $17.0 billion in February, the lowest level since June, and the U.S. trade deficit with China also fell to $13.9 billion, the lowest since May. However, in a sector causing political difficulties for the Bush administration, imports of clothing and textiles from the Asian manufacturing giant jumped 9.8 percent in February following the end of U.S. import quotas in January. Total clothing and textile imports from China for the first two months of 2005 surged 62.4 percent from the same period last year. Earlier this month, the Commerce Department launched an investigation expected to lead to emergency import curbs on some clothing from China. U.S. producers plan to file petitions asking for additional restrictions.

120 thousand united airline employees lose pensions { May 11 2005 } American obesity sending health costs soaring Consumer prices rise greater than expected Dow has biggest 2 day drop in two years Durable goods orders fall by most in 2 years Economy drags heels and inflations fears rise { April 29 2005 } Fed raises key rate on inflation fears { May 3 2005 } Fed raises rates to 3 and half as measured plan Fed says inflation pressures could be intesnifying { April 12 2005 } General motors shifts engineer positions to brazil { June 29 2005 } General motors to cut 25 thousand jobs { June 8 2005 } Greenspan says fed will keep raising rates Greenspan will keep raising rates he says Housing prices loom as concern { July 20 2005 } Huggies cuts six thousand jobs Industry squeezed by soaring energy prices { June 26 2005 } Kodak lays off 10 thousand workers { July 20 2005 } London blasts help dollar and stock gains Manufacturing slow down boosted stocks they say Manufacturing weakest since 2003 { June 1 2005 } Massachusetts homes sales plunge 11 percent { June 24 2005 } Real wages falling at fastest rate in 14 years { May 10 2005 } Sales of homes hit record as prices soar { May 24 2005 } Snow says oil prices hurting economy { June 28 2005 } States costs soar under drivers license law Stocks continue april decline hitting 2005 lows Stocks fall amid oil price worries { June 21 2005 } Stocks head lower on surging oil Stocks rise on jump in oil prices { June 17 2005 } Student loan interest will double Trade deficit unexpectedly shrank to 55b Trade gap widens more than expected US stocks fall as IBM earnings drag tech shares down US tourism losing billions because of image { May 8 2005 } Wages lagging behind inflation { April 11 2005 } Weak consumer spending damps speculation of quickening inflation Files Listed: 36

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