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Economy in Brief
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
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U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
U.S. Unemployment Claims Continue on an Uptrend
Initial claims for unemployment insurance filed in the week ended August 6 rose 14,000 to 262,000...
RICS Survey Points to More U.K. Housing Sector Weakness
The survey of housing market conditions in the U.K. continues to show strength in prices versus weakness...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller April 12, 2005
The U.S. foreign trade deficit in February surged to another record of $61.0B and exceeded Consensus expectations for a $59.0B deficit. January's figure was little revised.
Total exports were unchanged for the second consecutive month. Goods exports were about flat m/m (9.4% y/y) as a 2.7% m/m gain in industrial supplies and a 3.2% (16.6% y/y) increase in non-auto consumer goods offset declines elsewhere. Capital goods exports fell by 1.3% (+3.3% y/y) for the second consecutive m/m decline and "other" exports fell 1.6% (+1.5% y/y).
Exports of advanced technology products fell for the third month in the last four (-7.2% y/y).
Services exports were about unchanged for the second month (7.1% y/y) though passenger fares (+9.4% y/y) and spending on travel (+5.2% y/y) both fell.
Imports of petroleum imports jumped 10.3% (+32.9% y/y) and lifted total imports by 1.6%. The average price of crude oil jumped to $36.85 per bbl. (+26.3% y/y) and imports of non-petroleum goods rose 0.6% (+16.3% y/y). Capital goods imports fell 2.5 (+14.1% y/y) and nonauto consumer goods imports rose 2.0% (21.0% y/y).
The US trade deficit with China improved m/m in February to $13.9B ($162.0B in 2004) though imports are up nearly 50% y/y). The US trade deficit with Japan deepened to $6.9B ($75.2B in 2004) and the trade deficit with the Asian NICs halved m/m to $1.1B ($21.9B in 2004). The US trade deficit with the European Union deepened to $8.5B ($110.0B in 2004) on a 7.5% y/y gain in imports.
Foreign Trade | Feb | Jan | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Trade Deficit | $61.0B | $58.5B | $45.9B (2/04) | $617.1B | $496.5B | $421.7B |
Exports - Goods & Services | 0.0% | 0.0% | 8.7% | 12.4% | 4.6% | -3.1% |
Imports - Goods & Services | 1.6% | 1.8% | 16.8% | 16.3% | 8.5% | 2.1% |