Provided by
Dow Jones
By Harriet Torry
WASHINGTON -- The U.S. trade deficit widened in November, as companies restocking shelves ahead of the holiday season boosted demand for imports.
The foreign-trade gap in goods and services expanded 8% from the prior month to a seasonally adjusted $68.14 billion in November, the Commerce Department said Thursday.
That was the highest deficit since August 2006, and the goods deficit was the highest on record. Economists surveyed by The Wall Street Journal had expected a trade deficit of $67.3 billion.
"The fact that the American consumers are back buying a lot of goods means that America's appetite for imported goods is very, very strong," said Chris Rupkey, chief financial economist at MUFG Union Bank. Still, he expects the trade deficit to worsen before it improves because of weak demand for American-made products in regions like Europe hit by the coronavirus pandemic and fresh lockdowns.