US recovery in slow lane; trade gap widens, jobless claims up

Source: Bloomberg

11 Jun 2010, 0213 hrs IST,Bloomberg

WASHINGTON: The trade deficit in the US widened in April to the highest in more than a year as exports and imports both declined.

The gap grew 0.6% to $40.3 billion, the most since December 2008, Commerce Department figures showed on Thursday in Washington. A separate report showed more Americans than anticipated filed claims for jobless benefits last week.

Overseas shipments remained at the second-highest level since October 2008 even after a decline that reflected lower sales of pharmaceuticals, soybeans and generators. The declines in imports and exports follow “big growth in both those categories in March so it could just be some payback,” said Michael Feroli, chief US economist at JPMorgan Chase & Co in New York.

Trade’s contributions to growth will diminish, he said, “particularly now that you have the added factor that the dollar is strengthening and foreign growth might be slowing, particularly in Europe.”


Read more: http://economictimes.indiatimes.com/news/international-business/US-recovery-in-slow-lane-trade-gap-widens-jobless-claims-up/articleshow/6034892.cms

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