The US average goods and services deficit increased $3.1 billion to $61.3 billion for the three months ending in August.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis say that the US goods and services deficit was $67.1 billion in August, up $3.7 billion from $63.4 billion in July, revised. August exports were $171.9 billion, $3.6 billion more than July exports. August imports were $239.0 billion, $7.4 billion more than July imports. The August increase in the goods and services deficit reflected an increase in the goods deficit of $3.0 billion to $83.9 billion and a decrease in the services surplus of $0.7 billion to $16.8 billion. Year-to-date, the goods and services deficit increased $22.6 billion, or 5.7% from the same period in 2019. Exports decreased $296.1 billion or 17.6 percent. Imports decreased $273.5 billion or 13.1%.
Particularly worrisome for the Covid -Sick US economy were goods deficits with countries that effectively addressed the Covid-19 crisis with strong central government responses: In billions of dollars, with China ($26.4), European Union ($15.7), Mexico ($12.5), Germany ($4.6), Japan ($4.3), Italy ($2.6), France ($2.2), South Korea ($2.2), and Canada ($1.2).
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Covid Casualties – U.S. and China Images Declining
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Negative views of the United States and China have risen in many countries during the past year, according to the latest pew Research. In most of 14 advanced economies surveyed between June and August 2020, unfavorable views of both countries are at or near historic highs in Pew Research Center’s decade or more of polling on the issue.
Few in the countries surveyed have confidence in the leader of either the U.S. or China, and many are critical of how both countries have handled the coronavirus outbreak. On most measures included in the survey, people are even more critical of the U.S. than of China. However more still have favorable opinions of the U.S.
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