US trade deficit soars to record reflecting higher oil bill

[Judi Lynn]

US trade deficit soars to record reflecting higher oil bill
The Associated Press
Published: December 18, 2006

WASHINGTON: Pushed up by soaring oil prices, America's trade deficit surged to a record high in the summer, but analysts predicted a slowly improving imbalance in the months ahead.

The current account trade deficit increased 3.9 percent to an all-time high of $225.6 billion (€172.28 billion) in the July-September quarter, the Commerce Department reported Monday.

That third-quarter deficit was equal to 6.8 percent of the total economy, up from 6.6 percent of gross domestic product in the second quarter.

The current account is the broadest measure of trade because it tracks not only the flow of goods and services across borders but also investment flows. It represents the amount of money that must be borrowed from foreigners to make up the difference between imports and exports.
(snip/...)

http://www.iht.com/articles/ap/2006/12/19/america/NA_FIN_ECO_US_Economy.php

[MikeNearMcChord]

1. Pray that OPEC doesn't

switch to the Euro, or we will be screwed blued and tattooed!

[msongs]

2. ...and buying cheap junk from china as well. nt