US trade deficit narrows to $59.1b
Afp, Washington
The US trade deficit narrowed to 59.1 billion dollars in January thanks to record-breaking export growth, but cheap Chinese goods still flooded American malls, data showed Friday. The shortfall fell from the revised December figure of 61.5 billion dollars, the Commerce Department said. Analysts said that should help US economic growth, as exports add to gross domestic product (GDP). The trade report coincided with the Labor Department's latest "nonfarm payrolls" survey, which showed that US employers added 97,000 jobs in February, despite weakness in the housing and auto sectors. "This is all pretty consistent with the Goldilocks economy," Wachovia economist Jason Schenker said of the two reports, using Wall Street jargon for an economy that is neither too hot nor too cold. Global Insight chief economist Nariman Behravesh said the January fall in imports reflected a replenishing of company stockpiles and was unlikely to last.
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