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U.S. trade deficit swells to $41.77 billion in October
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| Contributor | RP |
| Last Edited | RP Dec 12, 2003 06:36pm |
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| Category | News |
| Media | Newspaper - USA Today |
| News Date | Friday, December 12, 2003 06:00:00 AM UTC0:0 |
| Description | The U.S. trade deficit climbed to $41.77 billion in October as Americans' appetite for imports hit a record, offsetting a sizable gain in exports, including the best showing for sales of farm products in seven years.
The politically sensitive deficit with China hit an all-time high.
The Commerce Department reported Friday that the October trade imbalance was up 1% from a September deficit of $41.34 billion. It was the largest red-ink trade figure in seven months.
For the year, the U.S. trade deficit in goods and services is running at an annual rate of $490.8 billion, far worse than last year's record $418.04 billion.
The record trade deficits present a major political headache for President Bush, coming as they do at a time when the country has lost 2.8 million factory jobs, reflecting 40 straight months of job losses in manufacturing. |
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