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BUSINESS Saturday 7 January 2017
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U.S. trade deficit climbs to $45.2 billion in November

MARTIN CRUTSINGER 6.5 percent in November
AP Economics Writer to $5.8 billion and totaled
WASHINGTON (AP) — The $58.8 billion through the first
U.S. trade deficit in Novem- 11 months of 2016, up 4.9
ber rose to the highest level percent from 2015.
in nine months as imports of Trump has threatened to
oil and other foreign goods slap tariffs as high as 45 per-
increased, while American cent on China and Mexico
exports fell for a second unless those countries stop
month. practices Trump believes
The trade deficit jumped have cost American jobs.
6.8 percent to $45.2 billion, To carry out his campaign
the largest imbalance since pledges, Trump is assem-
February, the Commerce bling a trade team that
Department reported Fri- represents a break from
day. Exports edged down traditional Republican free-
0.2 percent to $122.4 billion, trade policies.
reflecting lower overseas This week he announced
sales of American-made he would nominate Robert
airplanes, autos and farm Lighthizer, a former trade
products. Imports rose 1.1 official under President
percent to $231.1 billion, In this March 2, 2016, photo, the container ship Hanjin Xiamen waits to be unloaded at the Port of Ronald Reagan, to be U.S.
led by a 7.6 percent jump Oakland, in Oakland, Calif. trade representative, the
in oil. Associated Press government chief’s trade
President-elect Donald companies are selling more kets, said the drop in ex- other sectors will more than negotiator. As a Washing-
Trump made America’s to foreign countries than ports in November was not pick up the slack,” he said ton lawyer representing
large trade deficits a cen- Americans are purchases surprising given that the in a research note. U.S. steel companies, Light-
tral part of his campaign. from abroad. The deficit is value of the dollar has risen For November, America’s hizer has been a vocal pro-
He promised to impose the difference between ex- to a 14-year high against deficit with China nar- ponent of imposing tariffs
high tariffs on countries ports and imports. other currencies. A stron- rowed slightly to $30.5 bil- on steel imports.
such as China and Mexico In November, imports rose ger dollar makes America lion. For the first 11 months The rise in imports reflected
unless they reformed what to the highest level since products more expensive of 2016, the deficit with a 7.6 percent jump in pe-
Trump charged were unfair June 2015, and economists on foreign markets. Gua- China totaled $319.3 billion, troleum imports, which rose
trading practices that have predicted further increases tieri predicted the trade 5.9 percent lower than the to $14.3 billion.
cost millions of American as the U.S. economy picks deficit would be a drag on same period in 2015 but still The deficit with the Euro-
jobs. A lower deficit adds up momentum. growth going forward. the largest imbalance with pean Union rose 12.4 per-
to the overall economy be- Sal Guatieri, senior econo- “Trade will weigh on eco- any single country. The def- cent in November to $14.8
cause it means American mist at BMO Capital Mar- nomic growth this year but icit with Mexico dropped billion.

Higher wages push stocks to

records, but Dow misses 20,000

MARLEY JAY Industrial companies rose said U.S. employers added
AP Markets Writer as investors hoped for 156,000 jobs in December,
NEW YORK (AP) — So close! greater economic growth. which was solid but slightly
The Dow Jones industrial At about 12:40 p.m. the disappointing. However
average missed the 20,000 Dow peaked at 19,999.63, the government said hourly
mark by a fraction of a point but later lost steam. It fin- pay jumped 2.9 percent
Friday as U.S. stock indexes ished up 64.51 points, or 0.3 from December 2015, the
rose after the government percent, at 19,963.80. The biggest monthly increase The New York Stock Exchange building is shown Tuesday, Oct.
said wages jumped in De- S&P 500 rose 7.98 points, in seven years. Overall, job 11, 2016, in New York.
cember. Two other major or 0.4 percent, to 2,276.98. growth remained steady in Associated Pres
indexes set records. The Nasdaq composite 2016 but slowed a bit from to $1.0532 from $1.0590. an ounce. Silver sank 12
Stocks wavered between jumped 33.12 points, or 0.6 2015. U.S. crude oil rose 23 cents cents to $16.52 an ounce.
gains and losses in the percent, to 5,521.06. Bond prices fell. The yield to close at $53.99 a barrel Copper rose 1 cent to $2.55
morning after the Decem- The small-cap Russell 2000 on the 10-year Treasury in New York. Brent crude, a pound.
ber jobs report, which index slid 4.65 points, or 0.3 note rose to 2.42 percent which is used to price oil The FTSE 100 index in Brit-
showed less hiring than an- percent, to 1,367.28. from 2.35 percent. Higher sold internationally, added ain inched up 0.2 percent.
alysts hoped to see. Bond Stocks finished the week bond yields mean higher 21 cents to close at $57.10 It’s risen nine days in a row
yields rose sharply, as the with a big gain as investors interest rates, which allow a barrel in London. and is at all-time highs. Ger-
continued job gains should remained optimistic about banks to make more mon- In other energy trading, many’s DAX edged up 0.1
encourage the Federal Re- the U.S. economy. The S&P ey on lending. Investment wholesale gasoline slipped percent and the CAC-40
serve to keep raising inter- 500 climbed 1.7 percent. banks and other financial less than 1 cent to $1.63 a of France rose 0.2 percent.
est rates. That was a marked change firms did better than the gallon. Japan’s benchmark Nikkei
Indexes turned higher as from last year, when the in- rest of the market Friday af- Heating oil rose 1 cent to 225 index lost 0.3 percent
investors concluded that dex lost 6 percent as the ternoon. $1.70 a gallon. Natural gas while the Kospi in South Ko-
the rising wages will lead to market got off to its worst The dollar rose to 117.02 yen rose 1 cent to $3.29 per rea added 0.4 percent. In
more spending on technol- opening week in history. from 115.62 yen after a dip 1,000 cubic feet. Hong Kong, the Hang Seng
ogy and consumer goods. The Labor Department Thursday. The euro slipped Gold fell $7.90 to $1,173.40 advanced 0.2 percent.