Higher than expected US trade deficit
The US trade deficit has increased based on economist's expectations while maintaining significant decreases from 2008.
The trade deficit in the United States has risen for a second straight month, which causes some concern because of the expectations economists had made. The deficit climbed 2.2% to about USD29.2 billion, which brings the overall deficit running on an annual rate to USD361.1 billion. Though the deficit numbers seem to be staggeringly high, this is not the case. In fact, the annual projected rate thus far is about half of the USD659.9 billion deficit it settled at last year.
The deficit is expected to remain significantly lower than last year's with the help of the global recession decreasing the demand for automobiles, machinery, and other goods. However, it is unlikely that exports will be able to take charge in the recovery process. The slowing growth rate is bringing down the demand, and the demand is now global.
Click here for the best foreign exchange rates.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.