{"id":1171008,"date":"2021-12-29T23:19:32","date_gmt":"2021-12-30T04:19:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1171008"},"modified":"2021-12-29T23:19:33","modified_gmt":"2021-12-30T04:19:33","slug":"never-been-weaker-u-s-trade-deficit-mushroomed-to-a-record-in-november","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/never-been-weaker-u-s-trade-deficit-mushroomed-to-a-record-in-november\/","title":{"rendered":"&#039;Never Been Weaker&#039;: U.S. Trade Deficit &#039;Mushroomed to a Record&#039; in November"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnever-been-weaker-u-s-trade-deficit-mushroomed-to-a-record-in-november%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1171008&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/12\/GettyImages-1233725182-640x335-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p class=\"subheading\">The U.S. trade deficit, wherein the cost of imported goods exceeds the value of exported goods, \u201c<a href=\"https:\/\/www.cnbc.com\/2021\/12\/29\/us-goods-trade-deficit-hits-a-record-in-november.html\">mushroomed to a record<\/a> in November\u201d and will likely continue for the duration of the coronavirus pandemic.<\/p>\n<p>The widened gap comes one month after the value of exports had a \u201chistoric gain\u201d just one month prior in October, according to <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-goods-trade-deficit-hits-record-november-2021-12-29\/\">Reuters:<\/a><\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<blockquote>\n<p>The goods trade deficit widened last month by 17.5% to $97.8 billion from $83.2 billion in October, Census Bureau data showed. That exceeds the previous record deficit set in September of $97 billion and may damp optimism that trade might finally add to U.S. economic growth this quarter for the first time in more than a year.<\/p>\n<p>Imports rose by 4.7% with industrial supplies leading the way with an increase of $5.7 billion to $63.2 billion, followed by consumer goods rising by $2.9 billion to just shy of $67 billion as retailers rushed to fill store shelves ahead of Christmas. Both were record highs.<\/p>\n<p>Goods exports, meanwhile, declined 2.1%, with weakness across the board outside of a 4.3% increase in food exports. The drop was led by declines of $1.4 billion in industrial supplies and $1.3 billion in capital goods.<\/p>\n<\/blockquote>\n<p>Economists agree that the trade gap will continue throughtout the pandemic and was likely spurred by the omicron variant, with Nancy Vanden Houten, lead economist at Oxford Economic, warning that it \u201cmay further ignite demand for imported goods if services activity is restricted.\u201d<\/p>\n<p>\u201cLooking ahead, we expect the trade deficit to remain historically elevated until pandemic worries ease,\u201d asserted Houten.<\/p>\n<p>According to <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-trade-deficit-in-goods-jumps-17-5-to-record-97-8-billion-as-imports-surge-11640785256\">Market Watch<\/a>, the U.S. \u201cis poised to surpass a record set in 2006 and incur its biggest international trade deficit ever.\u201d Economists voiced their discontent with the bleak situation on Twitter, noting the trade deficit will hurt GDP growth.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">Economistc Peter Schiff tweeted:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Nov. U.S. merchandise trade deficit surged to $97.8 billion, a new all-time record high. The deficit shattered expectations of $86 billion, and is a 17.5% higher than the prior month. This horrific data proves the U.S. economy is a complete disaster. It has never been weaker!<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1476186056655572993?ref_src=twsrc%5Etfw\">December 29, 2021<\/a><\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">United States trade deficit soars to record $97.8bn in November.<\/p>\n<p>Weaker exports, higher imports. Bad for real GDP growth.<a href=\"https:\/\/t.co\/VYWkXq42OE\">https:\/\/t.co\/VYWkXq42OE<\/a> <a href=\"https:\/\/t.co\/BxwqR6CfZg\">pic.twitter.com\/BxwqR6CfZg<\/a><\/p>\n<p>\u2014 Daniel Lacalle (@dlacalle_IA) <a href=\"https:\/\/twitter.com\/dlacalle_IA\/status\/1476259718289141764?ref_src=twsrc%5Etfw\">December 29, 2021<\/a><\/p>\n<\/blockquote>\n<p>Meanwhile, on the same day the Commerce Department released the dismal trade deficit report, President Joe Biden claimed he had the \u201cstrongest first-year economic track record of any president in the last 50 years.\u201d<\/p>\n<p>\u201cWe\u2019re ending 2021 with what one analyst described as the strongest first-year economic track record of any president in the last 50 years. Let\u2019s keep the progress going,\u201d the president tweeted on Wednesday.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re ending 2021 with what one analyst described as the strongest first-year economic track record of any president in the last 50 years.<\/p>\n<p>Let\u2019s keep the progress going.<\/p>\n<p>\u2014 President Biden (@POTUS) <a href=\"https:\/\/twitter.com\/POTUS\/status\/1476311650424832000?ref_src=twsrc%5Etfw\">December 29, 2021<\/a><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. trade deficit, wherein the cost of imported goods exceeds the value of exported goods, \u201cmushroomed to a record in November\u201d and will likely continue for the duration of &#8230;<\/p>\n","protected":false},"author":32,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1171008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1171008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1171008"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1171008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1171008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1171008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1171008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}