Sahara Trader
10-14-2006, 04:09 PM
The U.S. trade gap of goods and services set a new record high in August, driven up once again by a record price of crude oil, a government report showed Thursday.
The nation's trade deficit widened 2.7% to $69.9 billion from the previous record of $68.0 billion in July, the Commerce Department said.
The widening of the deficit surprised analysts. The consensus forecast of Wall Street economists had been for the deficit to narrow to $66.4 billion. Economists had thought the July deficit was a temporary bulge. See Economic Calendar.
The August trade data could force economists to trim their forecasts for third quarter gross domestic product, which have been coming down steadily to a rate below a 3.0% annual growth rate. The worsening trade deficit is a drag on economic growth.
http://www.marketwatch.com/news/story/Story.aspx?guid=%7BA1471149%2D938B%2D4348%2DA6CB%2 D7EEF43C76584%7D&siteid=
The nation's trade deficit widened 2.7% to $69.9 billion from the previous record of $68.0 billion in July, the Commerce Department said.
The widening of the deficit surprised analysts. The consensus forecast of Wall Street economists had been for the deficit to narrow to $66.4 billion. Economists had thought the July deficit was a temporary bulge. See Economic Calendar.
The August trade data could force economists to trim their forecasts for third quarter gross domestic product, which have been coming down steadily to a rate below a 3.0% annual growth rate. The worsening trade deficit is a drag on economic growth.
http://www.marketwatch.com/news/story/Story.aspx?guid=%7BA1471149%2D938B%2D4348%2DA6CB%2 D7EEF43C76584%7D&siteid=