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Trade Deficit Rises on Record Imports
The U.S. trade deficit surged in July to the highest level in six months as increased shipments of foreign oil and autos pushed imports up by a record amount. The Commerce Department reported that the trade deficit rose 16.3% to $32 billion in July. Imports rose 4.7%, the largest monthly advance on records that go back to 1992, to a total of $159.6 billion. That marked the second consecutive monthly gain after imports had fallen for 10 consecutive months as demand in the U.S. plummeted during the deep recession. The rebound in July included a 21.5% jump in imports of autos and auto parts, reflecting improved production at U.S. auto plants owned by General Motors and Chrysler. Foreign oil imports climbed 3.6% to $22.4 billion. Exports grew 2.2% to $127.6 billion, the third consecutive monthly increase. But, exports were well below their record level of $164.4 billion set in July 2008. Economists are hoping that a rebound in global economies as well as a weakening in the value of the dollar will help boost exports in coming months. So far this year, the deficit is running at an annual rate of $355.5 billion, about half of last year's total deficit of $695.9 billion. Many economists believe the deficit will continue to rise in the months ahead, reflecting stronger growth in the U.S. and rising oil prices.
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Date Last Updated: 09/16/2009
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Charter Capital provides business finance services in many industries. Here are just a few of the industries
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Trucking and Freight
It has never been easier for trucking companies and freight brokers to finance
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options,
whether you're a start up or a multi-million dollar
temp-staffing agency. Our
clients provide staffing for various industries including Professional, Office
Services, Medical, and Manufacturing.
Security Firms
Demand for security services in the USA is on the rise. Be financially prepared
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Manufacturing
If your business is a manufacturing plant, distributor,
packaging company, or
any business that invoices to credit worthy customers, then
accounts receivable financing
from Charter Capital can finance the working capital needs of both new
manufacturing companies as well as those that have been around for years.
Technology Staffing Firms
Service providers such as technology
consulting and staffing firms are great candidates for our FactorLine accounts receivable
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for bank loans. We are always adding new industries and will consider factoring
service providers in any industry.
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