WASHINGTON - American manufacturers sold more cars, airplanes and industrial machinery in foreign markets in July, sending exports to an all-time high and pushing the trade deficit down to its lowest level in three months. And, applications for jobless benefits rose last month.
The Commerce Department says the trade deficit narrowed to $44.8 billion in July, down 13.1 percent from June. The improvement reflected a 3.6 percent rise in exports to a record level of $178 billion, reflecting strong sales of a variety of manufactured goods. Imports dipped 0.2 percent to $126.9 billion as the bill for imported oil dropped 6 percent to $35.5 billion as crude oil prices fell.
The big jump in exports should provide critically needed support for U.S. growth at a time when the economy has been in danger of toppling into a recession.
JOBLESS BENEFITS
The number of people seeking unemployment benefits ticked up slightly last week.
The Labor Department says weekly applications for unemployment benefits rose 2,000 to a seasonally adjusted 414,000.
The report suggests companies aren't significantly increasing layoffs, despite weak economic growth. But it also signals that little hiring is taking place. Applications need to fall below 375,000 to indicate sustainable job growth. They haven't been below that level since February.
The four-week average, a less volatile measure, increased for the third straight week to 414,750.
Hurricane Irene didn't affect applications. But the government estimated figures for several states because the Labor Day holiday delayed some reporting of data.
Thursday
July 3rd, 2025
6:38PM
