WASHINGTON – Despite weak performances in three areas – trade, home sales and job openings – the U.S. economy appears closer to stabilizing, though at low levels, economists said.
WASHINGTON – Despite weak performances in three areas – trade, home sales and job openings – the U.S. economy appears closer to stabilizing, though at low levels, economists said.
The Commerce Department said the trade deficit widened to $27.6 billion in March, from February’s revised $26.1 billion gap, which had been the smallest since November 1999.
Through the first three months of this year, the trade deficit ran at an annual rate of $359.7 billion, far below last year’s $681.1 billion. Economists expect the deficit will remain low this year as the U.S. recession crimps demand for foreign goods.
The global downturn also has cut into sales of U.S. exports. That could limit any improvement in the trade gap, which reflects the higher value of America’s imports compared with its exports.
The export slump has been a blow to U.S. manufacturing giants like 3M Co. and Honeywell International Inc. that derive a large part of their sales from foreign markets.
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