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October 12, 2012 04:20
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| _source: { | |
| partnerName: tweet | |
| relatedSources: null | |
| fetchTimeStamp: 12-10-2012 09:41:57 | |
| actualTimeStamp: 11-10-2012 20:00:47 | |
| wordCount: 762 | |
| Title: The U.S. trade deficit widened to $44.2 billion in August as exports dropped | |
| ParentUrl: BloombergNews | |
| Link: http://t.co/Hku3q5Ws | |
| SourceName: Bloomberg | |
| SentimentResource: negative | |
| ConceptTags: [ | |
| Taiwan | |
| Economic Statistics | |
| Trade | |
| Unemployment Benefits | |
| Manufacturing | |
| Europe | |
| U.S. Government | |
| Tim Rue/Bloomberg | |
| Month | |
| India | |
| Akowalski 13bloomberg | |
| American Exports | |
| Trade Deficit | |
| Energy Costs | |
| Percent | |
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| Asia | |
| Commerce Dept. | |
| Pacific Rim | |
| North America | |
| July Deficit | |
| Caterpillar Inc | |
| American Products | |
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| Bloomberg Survey | |
| Trade Report | |
| World Economy | |
| Cost | |
| Harm Bandholz | |
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| U.S. Midwest | |
| Commerce Department | |
| Christopher Wellisz | |
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| Washington-based Lender Projects | |
| February | |
| Machinery | |
| Chief Executive Officer Doug Oberhelman | |
| Price Adjusted | |
| Australia | |
| Forecast | |
| China | |
| Growth Slowdown | |
| Las Vegas | |
| Commodity Producers | |
| Illinois-based Caterpillar | |
| Global Slowdown | |
| Quarter | |
| Alex Kowalski | |
| Illinois | |
| Capital Spending | |
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| Asia Ex. Japan | |
| Trade Gap | |
| Korea | |
| Import Prices | |
| Country Economies | |
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| UniCredit Group | |
| Labor Department Spokesman | |
| Crude Oil | |
| International Monetary Fund | |
| Nation Import Bill | |
| Russia | |
| Mining Equipment Maker | |
| ] | |
| RedirectedLink: http://www.bloomberg.com/news/2012-10-11/trade-deficit-in-the-u-s-widened-in-august-as-exports-dropped.html | |
| Content: <div id="story_display" algoscore="451.0"> <div class="decoratable" data-decoration-id="247780" data-type="ImageAttachment" id="article_page_lede_module"> <img alt="" src="/getBinaryFile.php?Id=8" /> <p>Tim Rue/Bloomberg</p> </div> <p algoscore="33.0">The U.S. <a href="http://www.bloomberg.com/news/2012-10-11/trade-deficit-in-the-u-s-widened-in-august-as-exports-dropped.html/quote/USTBTOT:IND" class="web_ticker" title="Get Quote" density="sparse">trade deficit</a> widened in August as slower global growth reduced demand for American exports. </p> <p algoscore="41.0">The gap grew 4.1 percent to $44.2 billion from $42.5 billion in July, Commerce Department figures showed today in Washington. Exports decreased to the lowest level since February. A separate report showed the cost of goods shipped to the U.S. rose more than forecast in September. </p> <p algoscore="41.0">A stagnant <a href="http://topics.bloomberg.com/europe/" density="full">Europe</a> and slower growth in <a href="http://topics.bloomberg.com/china/" density="full">China</a> and other <a href="http://topics.bloomberg.com/emerging-markets/" density="full">emerging markets</a> may curtail demand for American products, which had been a source of strength for U.S. manufacturers earlier this year. At the same time, the pickup in energy costs may push up the nation’s import bill, keeping the trade gap elevated. </p> <p algoscore="42.0">“For the first time, the U.S. economy is gradually feeling the impact from the global growth slowdown,” said <a href="http://topics.bloomberg.com/harm-bandholz/" density="sparse">Harm Bandholz</a>, chief economist at UniCredit Group in New York, who forecast the deficit would widen to $44 billion. “In the third quarter, the weaker global economy will leave its mark also on the U.S.” </p> <p algoscore="39.0">The median forecast in a Bloomberg survey of 73 economists projected the deficit would expand to $44 billion. Estimates ranged from a gap of $41 billion to $47.5 billion. July’s deficit was revised from an initially reported $42 billion. </p> <p algoscore="40.0">Fewer Americans than forecast filed first-time claims for unemployment benefits last week, which may reflect difficulty adjusting the data for seasonal swings at the start of a new quarter, figures from the Labor Department also showed today. </p> <h2>Fewer Claims </h2> <p algoscore="43.0">Applications for <a href="http://www.bloomberg.com/news/2012-10-11/trade-deficit-in-the-u-s-widened-in-august-as-exports-dropped.html/quote/INJCJC:IND" class="web_ticker" title="Get Quote" density="sparse">jobless benefits</a> dropped 30,000 to 339,000 in the week ended Oct. 6, the fewest since February 2008. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg survey. One state accounted for most of the plunge in claims, a Labor Department spokesman said as the data were issued to the press. </p> <p algoscore="37.0">Stock-index futures held earlier gains after the reports. The contract on the Standard & Poor’s 500 Index maturing in December climbed 0.5 percent to 1,434 at 9:04 a.m. in New York. </p> <p algoscore="34.0">The trade report from the Commerce Department showed exports decreased 1 percent in August to $181.3 billion. </p> <p algoscore="37.0">Imports decreased 0.1 percent to $225.5 billion, also the weakest since February, from $225.7 billion in the prior month. Purchases of autos, clothing and aircraft from overseas dropped. </p> <h2>Price Adjusted </h2> <p algoscore="42.0">After eliminating the influence of prices to produce the numbers used to calculate gross domestic product, the trade deficit climbed to $48.4 billion from $47 billion. It averaged $47.7 billion so far in the third quarter, up from $46.9 in the previous three months, indicating trade will subtract from growth. </p> <p algoscore="40.0">A separate report from the Labor Department showed prices of goods imported into the U.S. climbed 1.1 percent in September for a second month. Economists projected the gauge would rise 0.7 percent, according to the median estimate in a Bloomberg survey. </p> <p algoscore="37.0">The cost of imported fuel increased 4.4 percent in September from the prior month. Import prices minus fuel rose 0.2 percent last month, the first gain since April. </p> <p algoscore="40.0">The trade report showed the value of imported crude oil was little changed in August at $25.8 billion. An increase in the cost of a barrel of crude to $94.36 from $93.83 was almost totally offset by a drop in the number of barrels bought. </p> <h2>Global Slowdown </h2> <p algoscore="43.0">The slackening world economy is weighing on sales at companies such as <a topic_url="http://topics.bloomberg.com/caterpillar-inc/" href="http://www.bloomberg.com/quote/CAT:US" density="full" title="Get Quote" ticker="CAT:US" class="web_ticker">Caterpillar Inc. (CAT)</a>, which cut its forecast for 2015 earnings after commodity producers reduced capital spending. The world’s biggest construction and mining equipment maker said profit will be $12 to $18 a share, compared with previous projections of $15 to $20. </p> <p algoscore="41.0">Peoria, Illinois-based Caterpillar is forecasting moderate and “anemic” growth through 2015, Chairman and Chief Executive Officer <a href="http://topics.bloomberg.com/doug-oberhelman/" density="sparse">Doug Oberhelman</a> said Sept. 24 in a presentation to analysts at a conference in Las Vegas. Construction in emerging markets will probably show modest improvements, he said. </p> <p algoscore="36.0">“We’ve seen a slowing in economic growth that was more than we expected,” he said. “We think ‘13 could look like 2012 in terms of worldwide economic growth.” </p> <p algoscore="47.0">The International Monetary Fund on Oct. 9 cut forecasts for global growth to 3.3 percent this year, the slowest since the 2009 recession, and said there are “alarmingly high” risks of a steeper slowdown. The Washington-based lender projects the 17- country euro area economy will contract 0.4 percent in 2012, worse than its prior forecast, while the U.S. will expand 2.2 percent, faster than an earlier prediction. </p> <p algoscore="32.0">To contact the reporter on this story: Alex Kowalski in <a href="http://topics.bloomberg.com/washington/" density="sparse">Washington</a> at <a href="mailto:akowalski13@bloomberg.net" title="Send E-mail" density="mailto">akowalski13@bloomberg.net</a> </p> <p algoscore="33.0">To contact the editor responsible for this story: Christopher Wellisz at <a href="mailto:cwellisz@bloomberg.net" title="Send E-mail" density="mailto">cwellisz@bloomberg.net</a> </p> <div class="story_inline assets clearfix "> <div class="story_inline attachments"> <div class="image thumbnail item_container video decoratable" data-decoration-id="120144" data-type="VideoAttachment"> <div class="thumbnail_container"> <a href="/video/shilling-on-u-s-labor-student-loan-debt-8L7YLQAGTkK1MKA2MubkkA.html"> <img alt="Shilling on U.S. Labor, Student Loan Debt" class="small_img img_keep_size" src="/getBinaryFile.php?Id=10" /> </a> </div> </div> <div class="image thumbnail item_container video decoratable" data-decoration-id="120146" data-type="VideoAttachment"> <div class="thumbnail_container"> <a href="/video/michelin-s-selleck-on-growth-and-hiring-strategy-q4R3~_YeQ3m6T5cSsxmMZg.html"> <img alt="Michelin's Selleck on Growth and Hiring Strategy" class="small_img img_keep_size" src="/getBinaryFile.php?Id=12" /> </a> </div> </div> <div class="image thumbnail item_container video decoratable" data-decoration-id="120164" data-type="VideoAttachment"> <div class="thumbnail_container"> <a href="/video/blackrock-s-landers-on-mexico-economy-investment-ert9h_YkSx~jmG7Yr~mcpg.html"> <img alt="BlackRock's Landers on Mexico Economy, Investment" class="small_img img_keep_size" src="/getBinaryFile.php?Id=14" /> </a> </div> </div> <div class="image thumbnail item_container video decoratable" data-decoration-id="120158" data-type="VideoAttachment"> <div class="thumbnail_container"> <a href="/video/jobless-claims-in-u-s-drop-to-four-year-low-2L5qqNhuSaKyS28IENlirw.html"> <img alt="Jobless Claims in U.S. Drop to Four-Year Low" class="small_img img_keep_size" src="/getBinaryFile.php?Id=16" /> </a> </div> </div> </div> </div> </div> | |
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