Major Recession in 2013: US November Trade Deficit Soars To $48.7 Billion, Downward Q1 GDP Revisions Imminent!!! Wells Fargo And Morgan Stanley Layoff Thousands Ahead of Q4 Earning Reports. Inflation Running at 7% or Higher And The Market Is At Its Most Risk-On Level Since Just Before The Stock Market Crash That Began In 2007′s Third Quarter.
Investmentwatchblog.com
January 11th, 2013
US November Trade Deficit Soars To $48.7 Billion, Downward Q1 GDP Revisions Imminent
So much for the US trade renaissance. After posting a better than expected October trade deficit of ($42.1) billion, November saw the net importer that is the US revert to its old ways, with a massive deficit of some $48.7 billion – the worst number since April, far more than the $41.3 billion in expectations, which makes it the biggest miss to expectations since June 2010, driven by a $1.8 billion increase in exports to $182.6 billion, and a surge in imports which rose from $222.9 billion to $231.3 billion. Specifically “The October to November increase in imports of goods reflected increases in consumer goods ($4.6 billion); automotive vehicles, parts, and engines ($1.5 billion);industrial supplies and materials ($1.3 billion); foods, feeds, and beverages ($0.6 billion); capital goods ($0.4 billion); and other goods ($0.1 billion).” And with this stark reminder that the US has to import the bulk of its products, something which a weak USD does nothing to help, expect a bevy of lower Q4 GDP revisions, as this number may push Q4 GDP in the sub-1% category.
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