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Tag Archives: goods and services deficit
Trade Deficit Drops $16 Billion in November 2022
The goods and services deficit was $61.5 billion in November, down $16.3 billion from $77.8 billion in October (revised) the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today.* However, it was because November exports were $251.9 billion, $5.1 billion less than October exports; but November imports were $313.4 billion, $21.5 billion less than October imports.
In short, the US economy stopped buying more imports at an amount greater than its exports increased. Whether this is good or bad depends on your economic ideology. Continue reading
Posted in economy
Tagged auto industry commentary, autoinformed.com, goods and services deficit, Ken Zino
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US December Unemployment at Record Low of 3.5%
Nevertheless, the Federal Reserve seems determined to send the US economy into a deep recession. The Fed has done this in the past with reckless interest rate increases from an ideology that thinks it is good when people lose jobs to keep demand and inflation down. However, consider that during December, average hourly earnings for all employees on private non-farm payrolls rose by 9 cents, or a mere 0.3%, to $32.82. During the past 12 months, average hourly earnings have increased by 4.6%. In December, average hourly earnings of private-sector production and non-supervisory employees rose by 6 cents, or 0.2%, to $28.07. AutoInformed doesn’t consider the latest data as cause for inflationary worries, let alone more interest rate increases. (Autoinformed.com: Federal Reserve Chair Powell Says Inflation Remains Too High) Continue reading →