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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Local governments employed 14.2 million workers in March 2019, far more than state governments that had 5.5 million employees on their payroll, says the Census Bureau. The latest report, the 2019 ASPEP, says that in March 2019 state and local governments employed 19.7 million people, an increase of 0.4% from the 2018 total. According to the survey, 14.8 million were classified as full-time and 4.8 million were part-time employees. Full-time state and local government payroll increased 3.4% to $79 billion, and part-time employees’ payroll totaled $6.8 billion.
Covid Causalities: US Trade Deficit Continues to Increase
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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