The annual shortfall in goods and services increased 12.2% to $948 billion, Commerce Department data showed Tuesday. The December gap widened to $67.4 billion from the prior month. The figures aren’t adjusted for prices.
The value of imports last year climbed 16.3% from 2021 to nearly $4 trillion, while exports of goods and services rose 17.7% to $3 trillion. “Overall, trade flows have slowed recently on a shift in demand for services from goods and weaker global growth,” Rubeela Farooqi, chief US economist at High Frequency Economics, said in a note. “But better growth prospects in the US and abroad could provide support over coming months.”Still, US recession risks have climbed amid tighter policy, including increased odds that household spending will cool.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: ChatGPT will replace some jobs, but traders say not theirsAdvanced artificial intelligence systems stand to threaten jobs primarily in the financial, legal and technology sectors, according to the latest MLIV Pulse survey.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Dollar rebound set to extend amid Fed speakers, China tensionsThree consecutive days of gains are giving hope to embattled dollar bulls who are looking to a slew of Federal Reserve speakers and rising US-China tensions to extend a nascent rebound.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Sanlam brings two innovative companies into its stable for R1.1bnHow do you ensure your legacy company keeps up with innovation? Well, when you have discretionary capital of R6.6-billion, as in the case of Sanlam (as at end June 2022), you simply buy two innovative, entrepreneurial companies.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Top Gold Miner Newmont Offers $17 Billion for NewcrestNewmont Corp. is offering $17 billion to acquire Australia’s Newcrest Mining Ltd. and create a global precious metal behemoth as miners look to boost reserves.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Governors Sue Nigeria Over Naira Redesign as Cash VanishesNigeria’s demonetization plan is causing a schism within the ruling All Progressives Congress.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Rothschilds Map Bank’s New Path With $4 Billion Go-Private DealAfter decades in public markets, the Rothschild dynasty — one of the most storied names in banking — has decided its flagship bank is best in private hands.
Source: dailymaverick - 🏆 3. / 84 Read more »