The economy keeps going “unexpectedly” to hell on a handbasket,
U.S. Trade Deficit Widens
The U.S. trade deficit widened unexpectedly to a record 21-month high in June, as imports from its largest trading partners ballooned.
The shortfall in international trade of goods and services surged 19% to $49.90 billion, the Commerce Department said Wednesday. The deficit in May was revised down to $41.98 billion from an initial estimate of $42.27 billion.
Economists surveyed by Dow Jones Newswires had expected the deficit to expand to $42.7 billion in June.
U.S. exports contracted 1.3% to $150.45 billion, from $152.44 billion in May. Imports increased at a faster rate, expanding 3.1% to $200.35 billion from $194.42 billion.
The WSJ’s sidebar comment states
The scariest number is the drop in exports. The nascent recovery in manufacturing was heavily predicated on exports sales. Say goodbye to that hope. Now it will be inventory building and government spending.
And may I remind you, government spending is simply the act of government bureaucracies taking money out of private hands and redistributing it – or worse, printing more paper.
I am shocked, shocked!
Is Captain Louis Renault writing the news now?