ABOUT US  |  CONTACT US  |  RSS  |  ARCHIVE  |  2024-05-24  |  UPDATED: 1402/11/15 - 18:13:1 FA | AR | PS | EN
Formation of the Federalist Assembly of Afghanistan             Israel launches missile attack on outskirts of Damascus, killing Syrian civilians             íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care             Three US troops killed, dozens injured in drone attack in Syria             Trump says NATO will not come to rescue if US attacked             Ukraine beset by $40m fraud in arms procurement amid war with Russia            US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership             UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza             Taliban: Afghanistan Does Not Have Formal Border With Pakistan             Gazaís major health facility collapses amid Israeli attacks: MSF             Americans to redeploy nuclear weapons in UK amid fears of WW3             Biden makes history: 1st sitting US president sued for complicity in genocide             Trump walks out of courtroom during closing arguments of Carrollís attorney            US: 3 dead in shooting at Texas apartment complex            US-UK aggression against Yemen risks expansion of war: Iran            


DATE PUBLISHED: 1400/10/09 - 23:40:0
VISIT: 748
SHARE WITH YOUR FRIENDS

US goods trade gap hits record; pending home sales slip


A Maersk Line container ship prepares to depart port in Long Beach, California, U.S. July 16, 2018.

The US trade deficit in goods mushroomed to the widest ever in November as imports of consumer goods shot to a record ahead of the second straight COVID-distorted holiday shopping season along with industrial supplies, while exports slipped after a historic gain a month earlier.

The goods trade gap reported Wednesday by the Commerce Department is likely to remain historically high as long as the coronavirus pandemic continues, economists said. The emergence of the fast-spreading Omicron variant of COVID-19 that has driven US and global caseloads to a record this week may exacerbate it further in the near term if it limits American consumersí spending on services and restokes demand for imported goods.

Omicron also stands as a downside risk in the housing market. A reading of pending home sales also out Wednesday showed an unexpected drop in November, and while that data largely predated Omicronís ascendance in the United States, the highly contagious new variant could further limit home sales in the near term, the National Association of Realtors (NAR) said.

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 US economic growth this quarter for the first time in more than a year.

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.

"The emergence of the Omicron variant may further ignite demand for imported goods if services activity is restricted" in the first quarter of 2022, Nancy Vanden Houten, lead economist at Oxford Economics, wrote after Wednesdayís report.

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 in and $1.3 billion in capital goods.

The worldwide surge of coronoavirus cases to a record in recent days - including a record US caseload - may weigh on global demand in the months ahead, risking an even wider trade gap, Vanden Houten said.

The so-called Advance Indicators report also showed wholesale inventories climbed 1.2% last month, while retail inventories increased 2.0%. Retail inventories, excluding autos, which go into the calculation of gross domestic product, edged up by 1.3% to $465.2 billion, the latest in a string of record-high readings.

The economy grew at a 2.3% annualized rate in the third quarter, a step-down from earlier in the year but activity has rebounded in the fourth quarter with a consensus among economists building around a growth rate of 6% to 7% in the final three months of 2021.

Trade has been a drag on gross domestic product growth for five straight quarters, while inventories added to output in the third quarter.

Earlier this month, the Commerce Department reported a sharp reduction in the overall trade deficit - including services - for October, which had generated some optimism that trade may contribute to the improvement in output in the final quarter of the year. The big reversal to a record goods trade gap in November may prompt a rethinking of that.

Economists at Action Economics have dialed back their fourth-quarter GDP growth estimate to 6.5% from 7.0%, with exports now seen subtracting from growth rather than adding to it as had been previously expected. Economists at JPMorgan and Goldman Sachs, meanwhile, left their estimates intact at 7%.

Meanwhile, contracts to buy US previously owned homes fell unexpectedly in November as limited housing stock and lofty prices crimped activity, and the explosion of new coronavirus cases poses a risk to the housing market headed into 2022.

NAR said its Pending Home Sales Index, based on signed contracts, fell 2.2% last month to 122.4. Pending home sales were lower in all four regions.

Economists polled by Reuters had forecast contracts, which typically become final sales after a month or two, would rise 0.5% in November.

"There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices," said Lawrence Yun, NARís chief economist.

Looking ahead, Yun said Omicron poses a risk to the housing marketís performance, as buyers and sellers are sidelined, and home construction is delayed.

(Source: Reuters)

 

LINK: https://www.ansarpress.com/english/25446


TAGS:






*
*

*



SEE ALSO

European support for Israel damaging energy security on the continent, report says


US needs to lift sanctions on Iranís oil for JCPOA to resume: UN chief


Shipping giants suspend journeys through Red Sea as Saudis voice concern


WFP launches emergency program to assist 600,000 Palestinians


US bans trade with 42 Chinese firms


Sanctions made Russiaís economy stronger: Putin


Germanyís economy headed for recession amid support for Ukraine


Saudi Arabia faces budget deficit after expectations of surplus


Billionaire investor Ray Dalio says Americaís growth is at risk of falling to zero


UK recession risk grows with cost-of-living crisis hitting businesses





VIEWED
MOST DISCUSSED




POLL

Modi, Merkel Discuss Afghanistan, Radicalisation And Terrorism

SEE RESULT


LAST NEWS

Federalism in Afghanistan: Opportunities and Challenges

Formation of the Federalist Assembly of Afghanistan

Israel launches missile attack on outskirts of Damascus, killing Syrian civilians

íUK national scandalí: 20,000 mental health patients íraped, sexually assaultedí in NHS care

Three US troops killed, dozens injured in drone attack in Syria

Trump says NATO will not come to rescue if US attacked

Ukraine beset by $40m fraud in arms procurement amid war with Russia

US approves sale of F-16 jets to Turkey after Ankara ratifies Swedenís NATO membership

UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza

Taliban: Afghanistan Does Not Have Formal Border With Pakistan

Gazaís major health facility collapses amid Israeli attacks: MSF

Americans to redeploy nuclear weapons in UK amid fears of WW3

Biden makes history: 1st sitting US president sued for complicity in genocide

Trump walks out of courtroom during closing arguments of Carrollís attorney

US: 3 dead in shooting at Texas apartment complex

US-UK aggression against Yemen risks expansion of war: Iran

Yemen directly hits US warship with ballistic missile

Hamas has self-reliantly opposed the three giant intelligence agencies of the world!

President Raeisi calls for UN reform, says body unable to end Gaza genocide

Pedram: The Abduction of Hazara and Tajik Women Recalls the Crimes of Abdur Rahman

Special envoys from G7 countries discuss Afghanistan in London meeting

Turkish lawmakers open debate over Swedenís NATO membership

UN agency says over half a million Palestinians face Ďcatastrophic hungerí in Gaza

Palestinian Islamic Jihad: Al-Maghazi operation proved defeat of Israeli regime in Gaza war

European support for Israel damaging energy security on the continent, report says

Pakistan Army Kills Seven ĎTerroristsí Near Afghan Border

Israel kills at least 190 people in Khan Younis in 24 hours

UNAMA report: 49 Hazara community members killed in Afghanistan in three months

Indiaís Modi inaugurates Hindu temple on site of razed mosque ahead of elections

US 2024 election: DeSantis drops out of Republican presidential race, backs Trump

Survivors of Russian charter flight crash transferred to Kabul

Iranís anti-terror strikes Ďclear messageí to certain recipients: Foreign Ministry

Ethnic mass killings in one Sudan city last year left up to 15,000 dead: UN report

Iran says reserves right to avenge Israelís assassination of IRGC advisors

Rocket barrage targets Ain al-Asad base housing US forces in western Iraq

Lebanese media: Israeli drone kills 2 Hamas members in southern Lebanon

Five IRGC advisors assassinated in Israeli aggression on Syria

Pakistan recalls ambassador from Tehran

Iraqi PM stresses to NATO chief ending of foreign troops

UN chief reiterates call for immediate ceasefire in Gaza


MEDICAL NEWS


ANSAR PRESS ©  |  ABOUT US  |  CONTACT US  |  MOBILE VERSION  |  LINKS  |  DESIGN: Negah Network Co.
All right reserved. Use this website by mentioning the source (link) is allowed. ›—ś‘ź«Ś «یš —š ی šŕŠ»šŌ«š