Trade Deficit Jumped 7.1%, Exports Dropped 1.8%, Inflation to Soar

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IS THIS WHY ALL WE TALK ABOUT IS UKRAINE?

The U.S. trade deficit in goods widened sharply to a record high in January amid an increase in imports.

The goods trade deficit jumped 7.1% to an all-time high of $107.6 billion last month. Imports of goods increased 1.7%, led by food and motor vehicles. There were also large increases in imports of industrial supplies, capital, and consumer goods. Imports of other goods, however, tumbled 15.3%, Reuters reports.

Exports dropped 1.8% over consumer goods, motor vehicles, food, and other goods. But exports of capital goods and industrial supplies increased.

We aren’t productive, and this is dragging down the GDP.

According to Reuters, the pace of inventory accumulation reported by the Commerce Department on Monday was slower than in recent months. Added to the surge in the goods trade deficit, led economists at Goldman Sachs to lower their gross domestic product growth estimate for the first quarter by 0.5 percentage point to a 1.5% annualized rate.

U.S. inflation will be even worse this year than expected, after the Federal Reserve’s primary inflation measurement hit its highest level in 40 years, according to a new report from Goldman Sachs.

The personal consumption expenditures (PCE) price index rose 6.1 percent in January from a year ago, the largest annual gain since February 1982, as seen in federal data released Friday.

INFLATION WILL BE WORSE THAN EXPECTED

U.S. inflation will be even worse this year than expected, after already hitting its highest level in 40 years.

Goldman Sachs predicted in a new report that the personal consumption expenditures price index would drop from 6.1% to 3.7% by the end of 2022 (they hope it’s not worse). This is nearly double the Federal Reserve’s goal of having PCE cool off to 2%.

Turbulent oil markets after Russia’s invasion of Ukraine caused inflation, already exacerbated by the coronavirus pandemic, to rise even higher

Is this why all we talk about is Ukraine?

The administration is destroying us economically.


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Adonis
Adonis
5 months ago

Biden economy for all to suffer under. Catastrophic results of stolen election.

Muh Democracy
Muh Democracy
5 months ago

“Elections matter. And when folks vote, they order what they want — and in this case they got what they asked for.

Kamala Harris, February 28, 2022.

(H/T-DB)

Terminal Madness
Terminal Madness
5 months ago

Productivity is construct of the white male capitalist patriarchy, comrade.
To each according to his need, workers of the world unite.
Forward! Yes we can.

Let's Go Brandon
Let's Go Brandon
5 months ago

There is going to be so much losing, you’re going to get tired of all the losing.