U.S. trade gap widens sharply in November *PIC*
U.S. trade gap widens sharply in November (by Greg Robb)
WASHINGTON (MarketWatch) - After declining for four straight months, the U.S. trade deficit widened by 10.4% in November to $47.8 billion, the Commerce Department said Friday. This is the largest trade gap since June and the biggest jump in the deficit since May. The trade deficit was well above the consensus forecast of Wall Street economists of a deficit of $44.8 billion. The data may cause economists to trim their estimates for fourth quarter gross domestic product. The consensus forecast prior to the trade data was economic growth at a 3.2% annual rate in the fourth quarter, up from a 1.8% growth rate in the third quarter. Imports rose in November while exports declined. The U.S. trade deficit with China widened to $26.9 billion in compared with $25.1 billion in the same month last year. The government also revised the deficit in October down slightly to $43.3 billion from $43.5 billion.