Wholesale Prices Edge Up 0.1 Percent While Trade Deficit Soars to Record

[papau]

Bush's free trade = huge trade deficits with cost millions of American manufacturing jobs as more companies move production overseas to low-wage countries

http://ap.tbo.com/ap/breaking/MGBCBOJCUXD.html

Wholesale Prices Edge Up 0.1 Percent While Trade Deficit Soars to All-Time Record
By Martin Crutsinger
The Associated Press

WASHINGTON (AP) - Wholesale prices edged up just 0.1 percent in July as a big drop in food costs offset the biggest increase in energy prices in six months while the nation's trade deficit soared to an all-time high in June.

The Commerce Department reported Friday that the trade deficit surged to a $55.82 billion in June, a sharp 19.1 percent increase from a May imbalance of $46.88 billion. <snip>

The trade report showed that imports rose by 3.3 percent to $148.64 billion in June, an increase that was led by a huge jump in the nation's foreign energy bill, which rose to $15.22 billion in June compared to $13.74 billion in May.

U.S. exports fell by 4.3 percent in June to $92.82 billion, the lowest level in four months, reflecting broadbased weakness across a number of categories of manufactured goods.

America's trade deficits with its major trading partners rose in June. The deficit with China jumped to $14.2 billion, the highest in history, while the deficit with Japan rose to $6.27 billion and the deficit with European countries using the euro currency rose to $7.85 billion. The deficit with Canada rose to $6.63 billion and the trade gap with Mexico widened to $4.9 billion. <snip>