- College algebra to be removed from Southeast required curriculum (10/10/17)1
- State declares test results for schools invalid (10/4/17)2
- Child-custody advocate: State law needs fix to provide parents with more equal custody (10/12/17)
- One of Cape's oldest mom-and-pop restaurants opens in new location (10/10/17)
- Past Rowdy the Redhawk mascot's identity revealed (10/15/17)
- Cancer will 'change your life, but it doesn't have to rule it' (10/8/17)
- Police chief, council: Cape Girardeau faces growing gun violence (10/17/17)4
- Bills addressing equal child custody to be filed, legislators say (10/13/17)
- Developer asks court to OK tax district board for improvements near Hobby Lobby (10/17/17)4
- Sikeston singer moves on with 'The Voice' (10/16/17)
U.S. trade deficit narrows on falling oil imports
WASHINGTON -- The U.S. trade deficit narrowed to $27.9 billion in November as oil imports fell to the lowest level in more than two years, the government said Friday.
The Commerce Department reported that the deficit in goods and services narrowed by 4.9 percent from an October imbalance of $29.3 billion.
The gap in goods alone narrowed by 3.1 percent to $33.97 billion, the smallest goods deficit since January 2000. Much of the improvement in that area came from a dramatic 17.4 percent plunge in oil imports, which fell to $6.5 billion in November, the lowest level since July 1999.
Through the first 11 months of 2001, the country's trade deficit was running at an annual rate of $349 billion, down from the all-time high of $375.7 billion hit in 2000.
The Bush administration had hoped to reduce the massive trade deficit by boosting U.S. exports through new trade liberalization agreements around the world.
However, the improvement this year is the result of the country's first recession in a decade. That has cut into demand for imports, which are down 5.4 percent from a year ago.
Exports, because economic weakness in the United States has spread overseas, were down by 5 percent through the first 11 months of 2001 compared to the same period in 2000.