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papau Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:14 AM
Original message
U.S. Trade Deficit Unexpectedly Widens to a Record
U.S. Trade Deficit Unexpectedly Widens to a Record (Update2)

By Joe Richter

Oct. 12 (Bloomberg) -- The U.S. trade deficit unexpectedly widened to a record $69.9 billion in August as energy prices rose and the shortfall with China reached an all-time high.

The deficit rose 2.7 percent from a $68 billion gap in July, the Commerce Department said in Washington, and exceeded the highest estimate in a Bloomberg News survey of economists. U.S. companies imported more computers, commodities and consumer goods at the same time they shipped a record amount abroad. <snip>

The dollar fell against the yen and euro after the report. The August deficit compares with the $66.7 billion median estimate in a Bloomberg News survey of 66 economists after a previously reported $8 billion gap. Forecasts ranged from $63.5 billion to $69 billion.

The deficit adjusted for changes in prices, figures the government uses in its calculation of gross domestic product, widened in August to $60.2 billion, the highest since January. The figures suggest the trade balance will detract from U.S. economic growth in the third quarter. <snip>



http://news.moneycentral.msn.com/provider/providerartic...

October 12, 2006 08:45 AM ETU.S. August trade gap widens more than expected

WASHINGTON (Reuters) - The U.S. trade deficit widened more sharply than expected in August to a record $69.9 billion as higher oil prices pushed the tab for imported petroleum products to a fresh record, a Commerce Department report on Thursday showed.

The overall monthly deficit was up from July's $68 billion and topped an estimate by Wall Street economists for a $66.7-billion monthly shortfall. Both exports and imports were at record levels in August but exports grew by 2.3 percent to $122.4 billion while import growth was a slightly stronger 2.4 percent to $192.3 billion.

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SpiralHawk Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:15 AM
Response to Original message
1. Hey, didn't Commander AWOL just tell us how fabulously well the economy
Edited on Thu Oct-12-06 08:18 AM by SpiralHawk
was doing during his press conference yesterday?

I guess he was just talking about his republcon oil and munitions cronies and the Massive Profits they have racked up over the last few years.

Republicons getting fatter.


Message to the proles (formerly known as citizens of the USA) from Commander AWOL: "Tough shit. I've got mine."
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hippiechick Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:52 AM
Response to Reply #1
11. That's what I heard, too ...
George wouldn't LIE to us, would he ??? This trade deficit report must use 'debunkable' figures like those math hacks at MIT with their casualty numbers.


:sarcasm:
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dapper Donating Member (755 posts) Send PM | Profile | Ignore Thu Oct-12-06 09:18 AM
Response to Reply #1
13. I'm a bit slow today...
You guys beat me to it.

When the Prezi-not said that in his speech yesterday, I cracked up. Maybe his economy is doing fine as he's ripping off the middle class and poor but for everyone else, the economy sucks.

Dap
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tabasco Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 01:01 PM
Response to Reply #1
18. The economy's GREAT for the war profiteers !
Cheney's stock options have paid off handsomely.

That's Dick in the photo isn't it?

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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:16 AM
Response to Original message
2. dimson lied and people are still dying. Nom. nt
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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:17 AM
Response to Original message
3. Pathetic.
K&R
:kick:
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tanyev Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:21 AM
Response to Original message
4. Ever notice how so many articles about the economy
contain the word "unexpected"? Either the experts making the predictions are complete idiots, or they are bought and paid for. And yes, I suspect it is the latter.
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ninkasi Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 11:44 AM
Response to Reply #4
15. I think it's both, tanyev
Even complete idiots can be bought and paid for, right?
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Double T Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:22 AM
Response to Original message
5. The current phony american economy is doing 'great'..........
Edited on Thu Oct-12-06 08:25 AM by Double T
at the expense of the real economic future of this nation. Enjoy the ride; it will end in an economic disaster.
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MikeNearMcChord Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:59 AM
Response to Reply #5
12. I asked this question before, I 'll ask it again
Any predictions for this years Christmas Shopping season? Will it it be the last bang or the start of the downturn?
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Double T Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 09:26 AM
Response to Reply #12
14. Another 'Christmas Shopping Season' supported HEAVILY by
substantial increases in consumer credit card debt that will be difficult for the 'middle class' to payback. THIS will provide a very short term 'fix' for retailers in the last quarter '06. Double digit 'REAL INFLATION' of nearly EVERYTHING including STAPLES will continue to put MORE pressure on the MASSES as incomes remain stagnant and the purchasing power of the dollar continues downward.
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Tyrone Slothrop Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-13-06 09:53 AM
Response to Reply #14
24. That's the real War on Christmas right there
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HereSince1628 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-13-06 06:48 AM
Response to Reply #12
21. It's vulnerable to fuel prices...but they look favorable at present
All subject to change in the time it takes for a cruise missle to fly from the northwest Indian Ocean to Tehran.

So, Merry Christmas!
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hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:22 AM
Response to Original message
6. Were economists "surprised"?
Imagine that!

:eyes:
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-13-06 08:40 AM
Response to Reply #6
23. I'm shocked, shocked...
to find there is gambeling.... :sarcasm:
Another surprised eCONomist is right, hatrack :hi:
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TechBear_Seattle Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:26 AM
Response to Original message
7. I want to know: How much of that trade deficit is caused by outsourcing?
Serious question. How much of our ballooning trade deficit is caused by American companies moving production and service to third world countries, then selling their goods back to America?
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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Thu Oct-12-06 08:36 AM
Response to Reply #7
8. Deleted message
Message removed by moderator. Click here to review the message board rules.
 
Triana Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:41 AM
Response to Original message
9. "unexpectedly" WTF is so "unexpected" about it?
Have these idiots inventoried their brain cells lately? Worse, have they inventoried the Commander in Thief's brain cells? Wouldn't take long.
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BootinUp Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 08:44 AM
Response to Reply #9
10. Probably gets the headline more attention
so not a bad thing imho.
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primavera Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 12:57 PM
Response to Reply #9
17. Was kind of wondering that myself
It hardly takes a rocket scientist to anticipate that our catastrophic economic and fiscal policies are going to continue to increase our trade deficit; it's been going on for years, people have been talking about it for years, how can it possibly be a shock to anyone that it's still going on unchecked when we haven't lifted a finger to remedy our catastrophic economic policies?
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carzen Donating Member (112 posts) Send PM | Profile | Ignore Thu Oct-12-06 12:34 PM
Response to Original message
16. welcome to the world of outsourcing...aided and abetted by our Prez
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damntexdem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 04:03 PM
Response to Original message
19. Unexpectedly?
This is one area where the U.S. should always expect the unexpected, and more and more of it.
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kineneb Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-12-06 04:58 PM
Response to Original message
20. USA= made in China
just try finding common products that are not made elsewhere... of course we have a massive trade deficit...

We don't manufacture anything here any more!

What are we going to export? Snotty teenagers who are trained to say, "Would you like to supersize that?" Or waitresses? Plumbers? Housekeeping services?
Hmmm??

That is where the largest growth in employment is found- lower-paying service jobs. But they don't make anything.
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leesa Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-13-06 08:20 AM
Response to Original message
22. Everything's 'unexpected' with these guys. One would think they don't know
what they're doing.

I expected it and I am by no means a trade expert, just someone with a smattering of common sense.
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