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| Version 1 | Version 2 |
|---|---|
| Record imports swell US trade deficit | Record imports swell US trade deficit |
| (about 1 hour later) | |
| Record imports, the strong dollar and growing consumer demand helped to widen the US trade deficit by 7.1% in June. | Record imports, the strong dollar and growing consumer demand helped to widen the US trade deficit by 7.1% in June. |
| The gap between US exports and imports increased to $43.8bn, up from May's revised deficit of $40.9bn. Analysts had been expecting a deficit of $42.8bn. | The gap between US exports and imports increased to $43.8bn, up from May's revised deficit of $40.9bn. Analysts had been expecting a deficit of $42.8bn. |
| Record imports of food and cars meant total imports rose 1.2% to $232.4bn. | Record imports of food and cars meant total imports rose 1.2% to $232.4bn. |
| Exports fell for the second month in a row, down 0.1% to $188.6bn, as global demand weakened. | Exports fell for the second month in a row, down 0.1% to $188.6bn, as global demand weakened. |
| The dollar, which has gained 15% against the currencies of the United States' main trading partners over the past year, also makes its imports cheaper and exports less competitive. | |
| The trade deficit with the European Union is at an all time high, with exports to the bloc down 2.3% in June while imports were up 4%. | The trade deficit with the European Union is at an all time high, with exports to the bloc down 2.3% in June while imports were up 4%. |
| The deficit with China also increased by 3.3% in June to $31.5bn. | The deficit with China also increased by 3.3% in June to $31.5bn. |
| Disputes | |
| Industrial disputes at West Coast ports earlier in the year pushed the monthly deficit to a three-year high of $50.6bn in March. | Industrial disputes at West Coast ports earlier in the year pushed the monthly deficit to a three-year high of $50.6bn in March. |
| Laura Rosner, an economist at BNP Paribas said: "Exports remain far below trend and we have yet to see a decisive rebound following the resolution of the West Coast port strike.'' | Laura Rosner, an economist at BNP Paribas said: "Exports remain far below trend and we have yet to see a decisive rebound following the resolution of the West Coast port strike.'' |
| Figures last week showed that the US economy grew at an annualised pace of 2.3% in the three months to June, and also upgraded the growth estimate for the first quarter. | |
| However, a survey of private sector job creation, released on Wednesday, fell short of forecasts. | |
| Private employers hired 185,000 more workers in July, according to the ADP National Employment Report, below analysts' expectations of about 215,000. | |
| The report also revised June's number down by 8,000 to 229,000. | |
| The more comprehensive government jobs survey - the non-farm payroll report - is due out on Friday. | |
| A Reuters survey of economists estimated that it will show that about 223,000 jobs were added to the US economy in July, the same as in June. |