U.S. June trade gap up to $58.8 bln (we don't make anything to export)

[cthrumatrix]

U.S. June trade gap up to $58.8 bln
Deficit with China, oil imports hit new record highs
By Greg Robb, MarketWatch
Last Update: 8:31 AM ET Aug. 12, 2005


WASHINGTON (MarketWatch) -- The worrisome trends in the U.S. trade sector showed no signs of abating in June, as the deficit with China and the thirst for imported oil hit new records, the government reported Friday.

The U.S. trade deficit widened by 6.1% in June to $58.8 billion, the Commerce Department said.

The widening of the trade gap was larger than expected. The consensus forecast of Wall Street economists was for the deficit to widen to $57 billion. See Economic Calendar.

The trade gap could be lead to a modest downward revision to second quarter GDP growth, now estimated at a 3.4% annual rate.

The June deficit compares with the record $60.1 billion deficit in February. The deficit is on track to set a new record high this year. The deficit for the first six months is $342.9 billion, up from $290.9 billion in the same period last year, when the annual trade deficit was a record $617.6 billion.

http://www.marketwatch.com/news/story.asp?guid=%7B89D4704F%2D243D%2D4C0E%2DAF87%2DB6AE516E2CE0%7D&siteid=mktw

[TheDebbieDee]

1. "(we don't make anything to export)" - That's not true.......

We export freedom!

Granted, we have to completely destroy the receiving country and savage their citizenry to do it - we can bring freedom to the world!

[leftchick]

2. and democracy

lots of democracy.

[newportdadde]

3. Bullish! DOW to 36,000!!!

Lets all go out and get some interest only ARMS and buy up some tech stocks.