U.S. trade deficit worst in decade
By The Associated Press
This article was published November 13, 2009 at 10:40 a.m.
PHOTO BY AP / MARK LENNIHAN
Hundreds of imported vehicles are parked in a storage lot after being unloaded from freight ships in Elizabeth, N.J. The U.S. trade deficit widened more than expected in September as foreign oil prices rose to the highest level in nearly a year.
WASHINGTON — The U.S. trade deficit jumped in September by the largest percentage amount in more than a decade. A big culprit was foreign oil, whose prices hit their highest point in nearly a year. That helped eclipse a fifth straight gain in U.S. exports.
Economists think a rebounding global economy will keep raising demand for U.S. exports. The dollar’s value has dropped about 12 percent against a basket of major currencies since last spring. A lower dollar can help boost U.S. exports because it make them cheaper for foreigners to buy.
The question is how fast a lower dollar can narrow the trade gap and invigorate the U.S. economy.
Read tomorrow's Arkansas Democrat-Gazette for full details.
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