Obama Administration Trade Gap Surges to 3 Year High
The Democrats say that they are fixing the economy, but they are actually doing the opposite. They are trashing our economy on purpose.
Now we see that the U.S. trade gap has grown to the highest level in almost 3 years.
…The U.S. trade gap widened sharply in May to its highest level in nearly three years as surging oil prices helped push imports to a near record and exports fell slightly from April’s all-time high.
The trade deficit totaled $50.2 billion, the highest since October 2008, and well above the consensus estimate of $44 billion from Wall Street analysts surveyed before the report, a Commerce Department report showed on Tuesday.
Despite the bigger-than-expected deficit, the high levels of exports and a pick-up of capital good imports show the struggling U.S. economy still has some signs of life.
“It still looks like foreign trade will make a positive contribution to second quarter growth, but … maybe a half percentage point less positive. That’s the bottom line — another disappointing data point for the quarter,” said Ken Mayland, president of Clearview
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