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Oil pushes trade gap to record in January
WASHINGTON (Reuters) — The U.S. trade deficit widened more than expected in January to a record $68.5 billion, as record imports fueled by high oil prices outstripped record exports propelled by stronger foreign demand, a Commerce Department report showed Thursday.
The monthly trade gap swelled 5.3% from a revised estimate of $65.1 billion in December. It also surpassed a median forecast of $66.5 billion by analysts.
The biggest ever monthly deficit follows a record annual trade deficit of $723.6 billion in 2005. The trade gap would exceed $800 billion in 2006 if it continued to run at the pace set in the first month of the year.
Another report said the number of Americans filing new claims for unemployment benefits unexpectedly rose last week to 303,000, the highest level since the start of the year.
The 8,000 increase in initial claims for jobless aid in the week ended March 4 took them above 300,000 for the first time since the Jan. 7 week, the Labor Department said.
The increase pushed the four-week moving average of claims, which smooths weekly volatility to provide a better picture of underlying trends, up by 6,250 to 293,500? a level economists still associate with a healthy job market.
High prices for imported oil helped push the trade gap to a record. The United States ran an $8.4 billion deficit with the Organization of Petroleum Exporting Countries, up 11.6% from December.
The monthly trade gap with China widened 9.9% to $17.9 billion in January. The persistent deficit with China, the United States' largest with any single country, has fueled charges in Congress that China is an unfair trader that manipulates its currency to gain a trade advantage. Manufacturers and politicians have demanded that Beijing revalue its yuan currency.
Overall imports were $182.9 billion, up 3.5% from December. Imports set records in several categories, including food, feeds and beverages, industrial supplies and materials, capital goods, autos and auto parts and consumer goods.