The U.S. trade deficit soared to a record high in November as consumer demand for goods and the easing of supply chain bottlenecks caused …
The U.S. trade deficit soared to a record high in November as consumer demand for goods and the easing of supply chain bottlenecks caused imports to surge, according to the Commerce Department. The goods deficit increased in November to $99 billion as consumers shopped for holiday gifts earlier than in previous years, the Commerce Department announced Thursday. Imports outweighed exports, bringing the U.S. trade deficit in goods and services in November to $80.2 billion. “The trade deficit will likely stay high in December and January due to the backlog of ships waiting to unload at U.S. ports and headwinds to tourism from Omicron,” PNC Financial Services Group economist Bill Adams said, according to The Wall Street Journal.
