US Trade Gap Widened in March

Posted May 10th, 2012 at 10:30 am (UTC-5)
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The U.S. trade gap widened in March as the country's import of oil and Chinese goods outpaced the country's increasing exports.

The government said Thursday that the world's largest economy imported nearly $52 billion more in foreign products than it exported — a 14 percent jump over February.

The U.S. said the trade gap widened because of higher prices for imported oil as well as demand for foreign-produced computers, cars, televisions, cell phones and clothes. U.S. trading with China accounted for about 40 percent of the overall American shortfall.

In a separate report, the government said that the number of first-time claims for jobless benefits edged slightly lower last week from the prior week. Analysts said the level of initial claims for unemployment compensation signal that the U.S. is poised for modest job growth.

The U.S. jobless rate dipped in April to 8.1 percent, but partly because some workers stopped looking for new jobs and were not counted in the monthly employment survey.