Imports Are Down!

Yesterday, Bob Davis reports "A wave of protectionism is swelling around the world that could further damage struggling economies" in the Wall Street Journal.

Today, the Department of Commerce released the November trade data. It announced "that total November exports of $142.8 billion and imports of $183.2 billion resulted in a goods and services deficit of $40.4 billion, down from $56.7 billion in October, revised. November exports were $8.7 billion less than October exports of $151.5 billion. November imports were $25.0 billion less than October imports of $208.2 billion."

The big drop in imports reflects, at least in part, the fall in oil prices. Goods imports are now 13.3% below last year (we are spending 3.6% more on service imports than a year ago.) It also indicates how drastically U.S. manufacturing is declining.