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July Trade Deficit Comes In Less Than Expected As Global Trade Slows Down
America's July trade deficit came in slightly better than expected, printing at $42 billion, compared to expectations of $44.4 billion, on exports of $183.3 billion and imports of $225.3 billion, which was to be expected in light of the ongoing drop in Chinese net trade surplus. After all global trade is a zero sum game. The better than expected number was an increase from the revised July deficit of -$41.9 billion, revised lower from $42.9 billion in June. And while GDP beancounter calculations will generate slightly higher Q3 GDP forecasts as a result of the number and revision, the reason for the "improvement" is an ongoing contraction in global trade, which is anything but favorable for the world's economies for which any diversion from a status quo M.O. means longer-term pain.
From the report:
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total July exports of $183.3 billion and imports of $225.3 billion resulted in a goods and services deficit of $42.0 billion, up from $41.9 billion in June, revised. July exports were $1.9 billion less than June exports of $185.2 billion. July imports were $1.8 billion less than June imports of $227.1 billion.
In July, the goods deficit decreased $0.2 billion from June to $57.3 billion, and the services surplus decreased $0.3 billion from June to $15.3 billion. Exports of goods decreased $1.9 billion to $130.8 billion, and imports of goods decreased $2.1 billion to $188.1 billion. Exports of services were virtually unchanged at $52.5 billion, and imports of services increased $0.3 billion to $37.2 billion.
The goods and services deficit decreased $3.6 billion from July 2011 to July 2012. Exports were up $4.9 billion, or 2.8 percent, and imports were up $1.4 billion, or 0.6 percent.
More here.
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Ummmm.....I actually sorta expected it.
YOU DIDN'T CONSUME THAT!
someone else did it for you ;)
Know your history. When goods and services stop crossing borders, troops will. Given that we are at the limits of our tchnology and now have over 7 billion "underfunded" liabilities walking around, the fireworks should be impressive. Hedge accordingly.
"Given that we are at the limits of our tchnology"
i dont really get why do you say that...
No worries, Cramer is screaming what stocks to pick. He will navigate me through these stormy seas. Well, would love to chat more, but I have to 2nd mortgage the house and sell a child to go all in Coach and Tiffany.
maybe people are figuring out that it's cheaper to play a free game on their iPad than to buy other crappy toxic plastic toys...
Foreigners can keep buying our treasuryes.. $5 trillion and counting.. and our assets like utility companies.. NYSEG owned by Spanish Iberdrola for example.
What a disgrace.
not to mention that WE BELGIUM FOLK BOUGHT YOUR BUDWEISER!!!
ALL YOUR BEER BELONG TO US!!!
Uh you can have it! I'll take a microbrew, thank you very much!
Bud, Amurkan piss water!
Good riddance. Foreigners can have all of the macro legacy brewers.
Good you can have the piss water. I will stick to New Castle, Guiness, and Bass.
"Foreigners can keep buying our treasuryes.. "
Last time I looked The Federal Reserve was buying over 70% - FAIL.
Look again - http://research.stlouisfed.org/fred2/series/FDHBFIN
We are @#$#ed
Right, now how much of that belongs to European central banks again? This is just another arm of the Fed-FAIL look who is showing up at auctions. Tells you all you need to know.
The Eurocrisis will continue to be a drag on our exports and will dent profits more than the analysts are forecasting for the 3rd and 4th quarters. Don't worry 'cause Uncle Ben has got our backs.
http://dareconomics.wordpress.com/2012/09/10/on-fed-created-distortions/
And the HITS just keep on comin!
Don't worry, guys, the new iPhone5 will save GDP! AAPL will save the trade deficit day!
For once in the entire time in human history, maybe the Chinese worker wishes his skin was black. Maybe, then, the world would care about his enslavement.
It's funny because I just read somewhere that they expect the iPhony to add like .5% to our GDP.
About wanted to puke.
It's such a sham b/c we aren't actually MAKING the iPhone.....the Chinese slaves are. All AAPL did was construct the framework, make the documentation, and shuttle inventory from country-to-country.
Corporations, especially our biggest ones, are just huge swaths of middle men now.
RE: APPL
Proof that they didn't build that.
Getting up extra early to be at the Apple Store tomorrow,got have my latest iPhony.
Even if the iPhone 5 raised the annualized Q4 GDP growth rate by 0.5%, it still only raises annual GDP by 0.03%.