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| US trade gap narrows in October as oil exports surge | US trade gap narrows in October as oil exports surge |
| (about 5 hours later) | |
| The US trade gap narrowed in October, as rising sales of oil pushed US exports to a record high, the US Commerce Department has said. | The US trade gap narrowed in October, as rising sales of oil pushed US exports to a record high, the US Commerce Department has said. |
| The trade deficit shrank to $40.6bn (£24.8bn) from $43bn in September, a drop of 5.4%. | The trade deficit shrank to $40.6bn (£24.8bn) from $43bn in September, a drop of 5.4%. |
| Exports rose 1.8%, while petroleum exports rose 9.3%. The increase broke three months of falling exports. | |
| Meanwhile, the Federal Reserve has said in a report that the economy is growing at a "modest to moderate rate". | |
| Imports rose by just 0.4% while oil imports were 1.5% higher. | Imports rose by just 0.4% while oil imports were 1.5% higher. |
| The figures showed US exports to China hit a record high as its trade gap with the Asian power narrowed. | The figures showed US exports to China hit a record high as its trade gap with the Asian power narrowed. |
| Exports to Canada and Mexico also reached a new high, but imports from the European Union increased and the US's trade deficit with the EU hit a record. | Exports to Canada and Mexico also reached a new high, but imports from the European Union increased and the US's trade deficit with the EU hit a record. |
| Analysts say the smaller trade deficit, which was broadly in line with expectations, would help the US economic recovery. | Analysts say the smaller trade deficit, which was broadly in line with expectations, would help the US economic recovery. |
| It suggests American firms are selling more products abroad while buying less from foreign competition. | It suggests American firms are selling more products abroad while buying less from foreign competition. |
| In the US, the domestic oil boom has been due mostly to fracking, a new technique used to get oil from shale deposits in locations such as North Dakota and Texas. | In the US, the domestic oil boom has been due mostly to fracking, a new technique used to get oil from shale deposits in locations such as North Dakota and Texas. |
| But the technology has come under fire by critics concerned about the environmental impacts of the procedure. | But the technology has come under fire by critics concerned about the environmental impacts of the procedure. |
| The US Energy Information Administration says imports now make up 40% of US oil consumption - down from the 60% peak reached in 2005. | The US Energy Information Administration says imports now make up 40% of US oil consumption - down from the 60% peak reached in 2005. |
| Growth | |
| Meanwhile, the Federal Reserve has said that the US economy saw steady growth through October to late November. | |
| All 12 of the Fed's regions reported growth, with most sectors also reporting expansion. | |
| Manufacturers were optimistic about near-term growth prospects, and retailers had also been hopeful ahead of the holiday shopping season that kicked off last week with Black Friday. | |
| Hiring improved in five of the districts, with the other seven reporting little change. | |
| However, the Fed noted that employers were worried about the workforce skills base. | |
| "Difficulty with finding qualified workers, especially for high-skilled positions, was frequently reported," the report said. |