Thursday, February 11, 2010

Imports and trade deficit up

A big jump in oil imports swelled the U.S. December trade deficit to $40.2 billion, an unexpected widening that suggested U.S. economic growth was not quite as strong as initially thought in the fourth quarter.

The Commerce Department's report on Wednesday, showing a 10.4 percent jump in the trade gap, came as both U.S. exports and imports recorded large gains for the month.

. . . Oil accounted for most of the import rise, accompanied by smaller increases for autos and capital goods.

So, as the economy makes its first feeble attempts at recovery, we spend more and more of our money on oil imports.

When we will get serious about ending our dependence on foreign oil?

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