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Tuesday, September 12, 2006
US Trade Deficit Reaches Record Levels
"The U.S. trade deficit unexpectedly surged to a record in July as American consumers and companies stocked up on foreign-made goods.
Imports exceeded the value of exports by $68 billion, the Commerce Department said in Washington, up from $64.8 billion in June. The figure exceeded estimates by all but one of the 69 economists surveyed by Bloomberg News before the report."
There are varying opinions among economists concerning what a trade deficit means to our economy. One of the concerns is the stability of the US dollar in the global economy, as competition with the Euro has been stiff in recent years, revealing weaknesses in the dollar and the US economy. However, Forbes.com and a host of other publications are reporting that now the dollar is holding its own, after a bit of fluctuation, despite the huge trade deficit.
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posted by Sharon Secor at 1:21 PM
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