Trade Deficit Narrows Slightly
WASHINGTON (AP) _ America’s trade deficit narrowed slightly to $24.1 billion in August as improving economies in Asia boosted the fortunes of America’s struggling manufacturers and farmers.
The Commerce Department reported today that the August deficit edged down 3.2 percent from the all-time record of $24.9 billion set in July.
But even with the $791 million improvement, the August imbalance was still the third worst monthly performance in history and left the deficit for the entire year running at an annual rate of $252 billion, 53 percent higher than last year’s record $164.3 billion deficit.
And even though the overall deficit improved, America’s imbalance with China jumped 8.8 percent to $6.9 billion, the biggest monthly imbalance ever with a single country.