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| June Trade Deficit; July Import Prices (#1) - Aug. 12, 2005 |
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Summary
Earlier this morning, the Commerce Department reported that the US trade deficit in June was $58.8 billion. This compared with a May deficit of $55.4, which was revised upward by about $100 million from last month's report. Elsewhere, the Labor Department reported that import prices during July rose 1.1%
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Trade
The June trade deficit (goods and services) came in at $58.8 billion, up $3.4 billion from May's revised shortfall of $55.4 billion (originally reported at minus $55.3 billion).
In June of 2004, the trade deficit was $54.9 billion.
The June 2005 deficit was the result of imports of $165.6 billion, and exports of $106.8 billion This compared with a revised import/export result for May of $162.2 billion and $106.8 billion.
Import Prices
Also this morning, the Labor Department reported that import priced rose 1.1% during July, led by a 6.6% jump in petroleum prices. Year over year, import prices were up 7.7%.
I will soon publish a more detailed examination of today's numbers.
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