U.S. Trade Deficit Widens as Exports Fall to 3-Year Low

Washington, Safar 22, 1437, Dec 4, 2015, SPA — The U.S. trade deficit widened unexpectedly in October as exports fell to a three-year low due to a weak global economy and stronger dollar, the government reported Friday, suggesting that trade could limit economic growth in the fourth quarter.
The Commerce Department said the trade deficit widened 3.4 percent to $43.9 billion in October, compared to a $42.5 billion deficit the previous month.
Total exports fell 1.4 percent to $184.1 billion, while exports of goods plunged 2.4 percent to $123.8 billion, the lowest level since mid-2011. Food exports fell to a more than three year low, while exports of industrial supplies and materials were the weakest in five years. Petroleum exports fell to their lowest level since late 2010.
Imports fell 0.6 percent to $228 billion in October. Imports of industrial supplies and materials fell to the lowest level in more than six years. Petroleum imports were the smallest since late 2003, reflecting increased domestic energy production and lower oil prices.
The October trade deficit with Mexico jumped 10.2 percent to $33 billion, the biggest deficit with the southern neighbor in more than three years. The deficit with China fell 9.1 percent to $33 billion, but still was the largest imbalance with any country.
A rising trade deficit limits economic growth. Trade subtracted 0.22 percentage point from gross domestic product (GDP) in the third quarter, which expanded at a 2.1 percent annual rate. The dollar’s 18.6 percent gain against other major currencies since June 2014 has eroded export growth by making U.S. goods more expensive overseas and foreign goods cheaper domestically.
Through October, the trade deficit this year is 5.3 percent higher than the same period a year ago. Economists expect the deficit will continue to expand next year as U.S. exporters continue to struggle with the strong dollar and weak overseas economic growth.

18:25 LOCAL TIME 15:25 GMT

إنطلاق رحلة “منتدى التعاون الصيني الأفريقي” الجوية

بكين، 4 كانون الأول/ديسمبر، 2015 / بي آر نيوزواير — يوم 1 كانون الأول/ديسمبر، انطلقت الرحلة الجوية المشتركة رقم CA867 تحت شعار ” منتدى التعاون الصيني الأفريقي” بتعاون كل من الخطوط الجوية الصينية، البنك الصناعي والتجاري الصيني وبنك ستاندرد الجنوب أفريقي. وانطلقت الرحلة من مطار بكين الدولي، وفي الساعة 7:55 صباحا من يوم 2 كانون […]

U.S. Posts Healthy Job Growth, Unemployment Steady

Washington, Safar 22, 1437, Dec 4, 2015, SPA — U.S. job growth increased solidly in November and the unemployment rate held steady, the government reported Friday, making it highly likely that the Federal Reserve (Fed) will raise interest rates from record lows this month for the first time in nearly a decade.
The Labor Department said employers added 211,000 jobs last month, led by big gains in the service sector. The department also upwardly revised job creation in October and September by a combined 35,000.
Construction companies added 46,000 jobs in November, the most in two years, while retailers added 30,000. Government added 14,000 positions, but manufacturing lost 1,000 jobs and mining—which includes oil and natural-gas drilling—lost 11,000.
The unemployment rate held at a more than seven-year low of 5 percent for a second consecutive month. More Americans began looking for jobs in November, and most found them. The unemployment rate is in a range many Fed officials view as consistent with full employment and has fallen 0.7 percentage point this year.
Employers now have added an average of 213,000 jobs per month over the past six months. The healthy hiring indicates that steady consumer spending is fueling the economy even as weak growth overseas, a strong U.S. dollar, and continuing low oil prices hurt manufacturers and energy companies.
The closely watched job-creation report came one day after Fed Chair Janet Yellen was optimistic on the economy, describing how it largely had met the criteria the U.S. central bank has set for the Fed’s first interest-rate increase since mid-2006 after its December 15 and 16 meetings.
While job growth has been consistently solid, wage growth has been weak. Since the Great Recession ended more than six years ago, average hourly pay has grown at only two-thirds the pace typical of a healthy economy.

17:39 LOCAL TIME 14:39 GMT

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