Summary
This morning's release of November import price data and October trade data from the Labor Department and the Commerce Department, respectively, produced mixed results. Import prices fell 1.7% during November, while the October trade deficit rose to a record $68.9 billion.
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November Import Prices
This morning's release from the Labor Department indicated that overall import prices fell 1.7% during November. Excluding petroleum, import prices were down 0.2% during the month.
Import prices for petroleum were down a sharp 8.0% in November. This followed a revised 1.0% decline in October.
Year over year, the price of all imports was up 7.0%. Excluding petroleum, the figure was 2.6%.
October Trade Results
This morning's release from the Commerce Department was not as constructive. According to Commerce, the nation's trade deficit (goods and services) in October swelled to a record $68.89 billion, up $2.89 billion or 4.4% from a revised September deficit of $66.00 billion. (September's shortfall was originally reported as $66.11 billion.)
The four largest monthly deficits on record have all occurred during 2005. They are:
October 2005 $68.89 billion
September 2005 $66.00 billion
February 2005 $60.42 billion
June 2005 $59.42 billion
For 2005's first ten months, the trade deficit totaled $598.331 billion, an increase of $94.397 billion or 18.7% from 2004's comparable figure.
As is customary, I will soon publish a more detailed analysis of both of these key economic series.
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