U.S. Trade Deficit Hits Record High

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The U.S. trade deficit unexpectedly rose to a record in August, inflated by high oil prices and American demand for all types of imports, the Wall Street Journal reports.


The U.S. deficit in international trade of goods and services climbed 2.7% to $69.86 billion from $68.00 billion in July, the Commerce Department said Thursday. July’s shortfall was previously estimated at $68.04 billion.


The August trade deficit surprised Wall Street economists, who had predicted stronger exports would bring a decline. The median estimate of 21 economists surveyed by Dow Jones Newswires was for a deficit of $66.80 billion.


After an unusual drop in July, U.S. exports rose 2.3% to a record $122.42 billion in August, pushed higher by strong sales of American-made aircraft, foods, and consumer goods.


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