The trade deficit in November was just shy of the record set in September.
The numbers: After narrowing sharply in October, the deficit is now just shy of the record $81.4 billion set in September.
Key details: Imports into the U.S. surged 4.6% to $304.4 billion in November. Companies rushed to retrieve imported goods in time for the holiday shopping season. Imports of industrial supplies also jumped. The goods deficit hit a record high.The overall trade deficit remained smaller than September due to higher exports of services as more foreign tourists visited the U.S., said Bill Adams, senior economist at PNC Financial Services Group.
What are they saying? “Looking ahead, we expect the trade deficit to remain historically elevated until pandemic worries ease. Rising covid cases abroad once again threaten to constrain global demand, risking an even wider deficit if export growth slows more than imports,” said Nancy Vanden Houten, economist at Oxford Economics.
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