U.S. Trade Deficit Surges 94.6% in November, Largest Increase Since 1992
By
thomassmith65
Warm and crisp on the edges. A bagel with a bit of bite.
Summary
The U.S. trade deficit widened dramatically in November 2024, increasing by 94.6% to $56.8 billion - the largest percentage increase since March 1992. This surge was driven primarily by a boom in capital goods imports, likely fueled by artificial intelligence investment. The unexpectedly large deficit could lead economists to revise downward their fourth-quarter economic growth estimates, as the trade gap significantly exceeded forecasts of $40.5 billion.
Key quotes
· 4 pulledThe U.S. trade deficit widened by the most in nearly 34 years in November amid a surge in capital goods imports, likely driven by an artificial intelligence investment boom
The trade gap increased 94.6% to $56.8 billion
The percentage change was the largest since March 1992
Economists polled by Reuters had forecast the trade deficit would rise to $40.5 billion
You might also wanna read
Canada enters technical recession as GDP contracts 0.1% in Q1 amid US trade war
Canada entered a technical recession in early 2025 as GDP fell 0.1% annualized in Q1, following a revised 1% contraction in Q4. Weak busines
bloom.bg·2d agoCanada enters technical recession as GDP contracts 0.1% in Q1 amid US trade war
Canada entered a technical recession in early 2025 as GDP fell 0.1% annualized in Q1, following a revised 1% contraction in Q4. Weak busines
bloom.bg·2d ago
Galloway and Housel warn record $18.8 trillion household debt threatens the American Dream
Scott Galloway and Morgan Housel warn that the American Dream is under threat as household debt in the U.S. has reached a record $18.8 trill
bit.ly·1h ago
First inflation report under Fed Chair Kevin Warsh shows PCE index at 3.8%, highest in nearly 3 years
The first inflation report under new Federal Reserve Chair Kevin Warsh shows the personal consumption expenditures (PCE) price index — the F
cbsnews.com·1d ago
Canada enters technical recession as economy contracts for second straight quarter
Canada's economy contracted in the first quarter of 2025 on an annualized basis, marking two consecutive quarters of annualized decline — a
cbc.ca·1d agoCanada enters technical recession as economy contracts for second straight quarter
Canada's economy contracted in the first quarter of 2025 on an annualized basis, marking two consecutive quarters of annualized decline — a
cbc.ca·1d ago