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| March Trade Data/April Import Prices (#1) - May. 12, 2006 |
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Summary
Earlier this morning, the Commerce Department reported a March trade deficit of $62.0 billion, down about $3.6 billion from February's revised gap of $65.6 billion. The March deficit was far below the consensus estimate. In fact, it was so much below it you are forced at least to wonder if there is anything or anybody left in Washington you can totally trust? Elsewhere, April import prices rose a sharp 2.1%.
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* Based on Commerce Department figures released this morning, the US trade deficit (goods and services) came in at $62.0 billion in March, a decline of $3.6 billion or a sizable 5.5% from February's revised deficit of $65.6 billion. Originally, February's shortfall was reported at $65.7 billion. (These numbers are seasonally adjusted.)
* The consensus estimate was looking for a March deficit of something around $67 billion.
* For this year's first three months, the nation's trade deficit totaled $196.2 billion, $24.1 billion or 14.0% above than last year's January-March total.
* The volume of US crude oil imports for the first three months of 2006 fell 4.2% from last year's comparable period. Due to higher prices, however, the cost of this year's imports was up a substantial 33.4%. The average per-barrel price in 2006 was $52.62, 39.1% above last year's $37.82. (The oil data are not seasonally adjusted.)
* Elsewhere, led by a 11.5% spurt in petroleum prices, overall import prices rose a strong 2.1% during April.
I will soon publish a more detailed examination of today's reports.
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