The U.S. trade deficit raced to a record high in August, boosted by imports as businesses rebuild inventories, the latest sign that economic growth slowed in the third quarter.
October 5, 2021, 2:41 PMWASHINGTON - U.S. services industry activity nudged up in September, but growth is being restrained by a persistent shortage of inputs and the resulting high prices as the pandemic drags on.
Seventeen services industries, including retail trade, public administration as well as finance and insurance reported growth. Only agriculture, forestry, fishing and hunting saw a decline in activity. That mirrored the findings of the ISM's manufacturing survey published last Friday and suggested that high inflation could persist through 2022. The Federal Reserve last month raised its projection for its key inflation measure to 3.7% this year. That was up from the 3.0% projected in June.
The economy grew at a 6.7% pace in the second quarter. Trade has subtracted from GDP growth for four straight quarters. "There is a huge backlog of foreign-made consumer goods waiting to get into the U.S. supply chain, on ships waiting to be unloaded at U.S. ports, at foreign ports waiting to get onto those ships, and at foreign factories waiting to get to port," said Bill Adams, a senior economist at PNC Financial in Pittsburgh, Pennsylvania. "That will keep goods imports high through at least November.
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