Trade Gap Rises To New High
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The American trade deficit unexpectedly rose to a record in August, inflated by high oil prices and American demand for all types of imports.
The American deficit in international trade of goods and services climbed 2.7% to $69.86 billion from $68.00 billion in July, the Commerce Department said Thursday.
July’s shortfall was previously estimated at $68.04 billion. Gains in almost all categories of imports and exports reflect strength of the global economy, economists said.
