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Ogie Oglethorpe
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Marietta, GA
Dec 1999
time: 05:19
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Woot! Woot! Weak dollar! 
quote:
By Doug Palmer
WASHINGTON (Reuters) - The U.S. trade deficit narrowed more than expected in September as a rise in exports to unprecedented levels offset the impact of record-high prices for imported oil, a government report showed on Wednesday.
The monthly trade gap totaled $51.6 billion, down from a revised $53.5 billion in August, the Commerce Department said. Economists had forecast the September trade deficit would come in at $53.5 billion, only slightly lower than the original estimate for August of $54.0 billion.
"It is pretty encouraging news and says that we will probably get an upward revision to third-quarter GDP (gross domestic product)," said David Resler, chief economist with Nomura Securities International in New York.
"The deficit was $2 billion smaller than consensus expectations. It does point to some noticeable upward revision to GDP, offsetting some negative indicators we have had recently," he added.
However, soaring oil costs pushed the price of goods imported into the United States up 1.5 percent in October, the Labor Department said in a separate report. That was nearly double Wall Street forecasts.
Federal Reserve policy-makers, gathered in Washington to discuss interest-rate strategy, may take note of the surge in import prices. Economists expect the central bank to lift borrowing costs later on Wednesday, the fourth rise this year.
With oil prices hitting a record in October, the cost of petroleum products climbed 11.7 percent last month, the Labor Department report said.
DOLLAR FALL YIELDING BENEFITS
The Commerce report said exports hit a record $97.5 billion in September, suggesting a weakening dollar is making American goods more competitive around the world.
The dollar firmed initially after the trade report, but then sank to new record lows against the euro as traders used the dollar rally as an opportunity to sell the greenback.
In a sign global trade imbalances remain far from resolved, the politically-sensitive gap with China set another record at $15.5 billion, as imports from the Asian manufacturing powerhouse rose 1.7 percent to a record $18.4 billion.
The dollar has fallen against the currencies of major trading partners and has hit record lows versus the euro in large part on worries about a trade shortfall that remains on track to set a new record this year.
While the trade gap fell more than expected in September, it was still the third-highest on record.
Meanwhile, the number of Americans filing initial claims for unemployment benefits rose last week to 333,000, the Labor Department said in separate report.
A Reuters poll of analysts had forecast first-time claims for state unemployment benefits to climb to 340,000 in the week ended Nov. 6 from 331,000 the previous week. This was revised from 332,000 initially reported.
The Commerce Department said U.S. exports of consumer goods and industrial supplies and materials set records in September, while exports of autos and auto parts were second only to the record set in August.
Imports totaled $149.0 billion in September, down fractionally from August's record level. Average prices for imported oil hit $37.62 per barrel, up more than 40 percent from the same month last year, the data showed.
Non-oil imports hit a record $109.0 billion, led by record auto and auto parts imports and an increase in capital goods imports to the highest level since December 2000.
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10-11-2004 04:39
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