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Economy in Brief
U.S. Employment Cost Index Shows Steady Gain
The employment cost index for civilian workers increased 0.6% (2.3% y/y) during Q2'16 ...
Chicago Purchasing Managers Index Eases
Chicago purchasing managers reported that their Business Barometer slipped to 55.8 this month ...
Euro Area Unemployment Rates Steady. Down-trend Remains in Place
Levels of unemployment are falling for EU and for EMU but the annualized pace of the drop has been slowing...
U.S. Initial Claims for Unemployment Insurance Rise
Initial unemployment insurance claims increased to 266,000...
Kansas City Federal Reserve Factory Sector Index Declines; Expectations Improve
The Kansas City Fed reported that regional manufacturing sector business activity deteriorated sharply during July...
Euro Area Sentiment Wanes as EMU Firms
The EU region saw its sentiment gauge drop to 104.8 in July from 105.7 in June...
by Louise Curley March 12, 2012
China's exports of goods declined a record $28 billion in February and imports increased $14.4 billion leaving the country with a $19.3 billion trade deficit, the largest in recent history and $42.2 billion larger than the deficit in 2011. Total exports, imports and the balance of trade are shown in the attached chart. Trade has usually been disrupted by the Chinese New Year--exports tend to decline and imports to rise around the New Year. Until recently, however, the impact had not been particularly unusual. Last year there was a small trade deficit of $2 billions in February for the first time. This year's big deficit suggests that in the future the impact of the New Year on the economy may continue to be more significant than it has been in the past. But, if this is the case, there is likely to be some make up in the coming months when exports will increase and imports decrease
Data on Chinese trade by country, except for the United States and the European Union, are only available with delays of several months. In addition these data do not include the revisions in the data, that are made in the total trade data. However, the 27 countries of the European Union and the United States make up a significant proportion of China's trading partners. Both the United States and the European Union improved their trade balances with China. The U. S. balance declined $4.9 billion to $15.2 billion in February of this year from $20 billion in January, while that in the EU declined much more, $7.8 billion from $11.7 billion to $3.9 billion. China's exports to the U.S. declined $4 billion in January and and imports from the U. S. 1ncreased $0.7 Billion.& For the EU, exports were down $4.5 billion and imports were up $3.3 billion.
|Feb'12||Jan'11||Feb'11||M/M Chg||Y/Y Chg||2011||2010||2000|
|China Total Trade in Goods|
|Trade With USA|
|Trade With EU|