WASHINGTON—The U.S. trade deficit surged to a record high in 2021 as imports increased sharply amid the restocking of shelves by businesses to meet robust domestic demand. The Commerce Department said on Tuesday that the trade deficit increased 27.0 percent last year to an all-time high of $859.1 billion. The deficit was at $676.7 billion…
Big Spending, Little Scrutiny for Liberal Government
The Liberal government wants Parliament to approve billions in new spending to extend COVID-19 relief, but with the holiday recess scheduled to begin Dec. 17, its report on how it spent over $600 billion in the last fiscal year, which ended March 31, was not provided until Dec. 14. Finance Minister Chrystia Freeland’s April budget…
CBO Estimates Build Back Better Bill With No Sunsets Would Add $3 Trillion to Deficit
The Congressional Budget Office (CBO) has released an estimate of what it would cost to make most temporary provisions in the House-passed Build Back Better Act permanent, projecting it would add trillions to the deficit and sparking a fresh wave of Republican criticism of the Democrats’ social and climate spending bill. Responding to a Republican…
US Trade Deficit Jumps to Record High in September
WASHINGTON—The U.S. trade deficit jumped to a record high in September as exports slumped, government data showed on Thursday. The Commerce Department said that the trade gap surged 11.2 percent to a record $80.9 billion. Economists polled by Reuters had forecast an $80.5 billion deficit. Exports tumbled 3.0 percent to $207.6 billion in September. Goods…
US Trade Deficit Widens in September; Inventories Mixed
WASHINGTON—The U.S. trade deficit in goods surged in September as exports tumbled, suggesting trade probably weighed on economic growth again in the third quarter. The goods trade deficit increased 9.2 percent to $96.3 billion, the Commerce Department said on Wednesday. Goods exports dropped 4.7 percent, while imports gained 0.5 percent. The report, which was published…
Oil Prices Scale $85 per Barrel on Back of Supply Deficit
October 15, 2021
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LONDON—Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures were up 80 cents, or 0.95 percent, to $84.80 a barrel at 0930 GMT. Front-month…
US Consumer Confidence Hits Seven-Month Low; Goods Trade Deficit Widens
WASHINGTON—U.S. consumer confidence fell to a seven-month low in September as a relentless rise in COVID-19 cases deepened concerns about the economy’s near-term prospects, fitting in with expectations for a slowdown in growth in the third quarter. The survey from the Conference Board on Tuesday showed consumers less interested in buying a home and big-ticket…
Chile’s 2022 Draft Budget Seeks to Tame Deficit After Pandemic Splurge, Pinera Says
SANTIAGO—Chilean President Sebastian Pinera unveiled an $82.1 billion draft budget for 2022 on Thursday, that he said would begin to tame a ballooning deficit in the world’s top copper producer following more than a year of emergency spending to combat the COVID-19 pandemic. In a televised speech, the center-right president said the budget would reduce…
French Fiscal Watchdog Sees Smaller Deficit Than Expected by Government
PARIS—France’s public sector budget deficit is likely to come in smaller than expected this year and any extra tax income should go towards reducing the public debt, the budget oversight panel said on Wednesday. The government is forecasting a budget deficit this year of 8.4 percent of gross domestic product, falling to 4.8 percent next…
Federal Government Posts $12.7B Deficit for June, Spending Down and Revenue Up
OTTAWA—The federal government posted a deficit of $12.7 billion for June compared with a deficit of $33.6 billion in June 2020. The drop in the deficit came as spending dropped compared with a year ago when Ottawa spent billions on emergency aid due to the pandemic and revenue improved. Program spending, excluding net actuarial losses,…
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