U.S. Quarterly Trade Deficit Surges to a Record $48 Billion
The U.S. trade deficit surged to $48 billion from July through September, the worst quarterly performance in history, as American exports fell for the first time in three years.</br></br>The U.S. current account is the broadest measure of foreign trade, tracking not only sales of goods but also services, investment flows and foreign aid.</br></br>The trade performance reflected a small increase of 0.7 percent in merchandise imports, which rose to $201.5 billion during the third quarter. At the same time, U.S. merchandise exports fell 2.1 percent to $149.9 billion, marking the first quarterly setback in U.S. merchandise ex-</br></br>Also yesterday, a new survey showed that purchasing managers are more optimistic about the economy than they were a year ago, seeing no discernible inflation and a modest increase in employment next year.</br></br>Seventy-one percent of managers who buy supplies for U.S. manufacturers expect business to improve, the National Association of Purchasing Management said yesterday in a semiannual forecast.