October 12, 2009
The New York Times reported on its website, "The United States trade deficit shrank in August as oil imports fell and American businesses sent more automobiles and industrial goods to foreign markets, the government reported on Friday." The trade deficit "dropped to $30.7 billion." The Commerce Department's "report on trade provided another hint that global markets were waking up after a sharp downturn, and that export growth could add to the country's total economic output in the final months of the year." The level of trade between the US "and the rest of the world has been picking up since the spring, as oil prices have rebounded from their winter lows of $33 a barrel and demand for consumer products and big industrial goods slowly returns." It remains to be seen "how the falling value of the dollar will affect trade as the economy recovers."
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