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  /  News   /  Economic Report: U.S. trade deficit widens to new record high in October

Economic Report: U.S. trade deficit widens to new record high in October

The U.S. international trade deficit for goods and services surged 11.2% in September to a record $80.9 billion, the Commerce Department said Thursday.

Economists surveyed by The Wall Street Journal has forecast a trade gap of $81 billion.

Last week, the government released the deficit in goods alone for September, showing a surge in imports, giving analysts a good gauge of the total deficit. The services deficit widened 4.8% to $17.2 billion in September.

Total exports of goods and services fell 3% to $207.6 billion in September. Imports rose 0.6% to $288.5 billion.

Subtracting the impact of inflation, the real goods deficit increased $9.5 billion to $111 billion in September.

The trade deficit with China widened $3.4 billion to $31.5 billion.

Analysts expect the deficit to narrow once consumers redirect spending toward in-person services and away from goods. But this transition has been slow to come.

Stocks
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were set to open higher after the Fed’s taper announcement on Wednesday.

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