U.S. Trade Gap Widens at Fastest Pace in 10 Months
(Associated Press – Martin Crutsinger)
The U.S. trade deficit rose in March at the fastest rate in 10 months. A rise in consumer goods lifted imports to a record level, outpacing a solid gain in U.S. exports. The Commerce Department said Thursday that the trade gap widened to $51.8 billion in March, up from $45.4 billion in February.
Imports rose 5.2% to a record $238.6 billion, reflecting more foreign oil, autos, cell phones and clothes. Exports increased nearly 3% to $186.8 billion. Sales to Europe reached an all-time high despite the region’s debt crisis. Economists caution that export growth, a bright spot for the U.S. economy, could slow in coming months if more European countries fall into recession. Read more here.
Date: May 10, 2012
