U.S. Trade Deficit Hits $69.9 Billion In August

Sets a new record.

Total August exports were at $122.4 billion with imports totaled $19.23 resulting in a $69.9 billion deficit according to the U.S. Department of Commerce. This number is $1.9 billion higher than the July figure.

In August the goods deficit increased $2.1 billion from July to $75.5 billion. Exports of goods increased $2.5 billion to hit $88 billion while imports of goods increased $4.6 billion to reach $163.5 billion.

August's increase in good imported resulted from increased in industrial supplies and materials ($2 billion), capital goods ( $1 billion), consumer goods, ($0.7 billion), automotive vehicles, parts and engines ( $0.5 billion).

"The ballooning trade deficit will tax third quarter growth by about two-tenths of a percentage point. Longer term, the trade deficit substantially slows investments in R&D, education and training, and the multiplier effects on U.S. growth are disturbingly larger." said Peter Morici, a professor at the University of Maryland School of Business.

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