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| February Trade Data (#1) - Apr. 12, 2006 |
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Summary
Earlier this morning, the Commerce Department reported a February trade deficit of $65.7 billion. This was down about $2.9 billion from January's red ink of $68.6 billion, which was a monthly record.
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* Based on Commerce Department figures released this morning, the US trade deficit (goods and services) came in at $65.7 billion in February, a decline of almost $2.9 billion from January's record $68.6 billion shortfall. Originally, the January trade deficit was reported at $68.5 billion. (These numbers are seasonally adjusted.)
* For this year's first two months, the nation's trade deficit totaled $134.3 billion, $15.9 billion or 13.4% higher than last year's January-February total.
* The volume of US oil imports for the first two months of 2006 fell 4.2% from last year's comparable period. However, due to higher prices, the cost of those imports was up a very significant 40.3%. The average per barrel price in 2006 was $52.81, versus last year's $36.07. (The oil data are not seasonally adjusted.)
I will soon publish a more detailed examination of today's report.
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