Enormous, Humongous April Trade Deficit Helped Cut Hiring
The U.S. Census Bureau reported Friday that the April goods and services trade deficit was $37.4 billion in April, up $1.9 billion from a revised $35.5 billion in March. (March was previously reported as $40.4 billion before the revision.)
According to the report: “April exports were $182.8 billion, $2.6 billion more than March exports. April imports were $220.2 billion, $4.5 billion more than March imports.”
Manufacturing Job Losses As Trade Deficit Rises
According to the Alliance for American Manufacturing,
The economy added 38,000 jobs in May and manufacturing lost 10,000 jobs, according to the latest employment data from the Labor Department.
One reason driving these job losses was the goods and services trade deficit, which hit $37.4 billion in April, up $1.9 billion from $35.5 billion in March, according to the Commerce Department. The goods trade deficit with China hit $26.6 billion.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
“Today’s job numbers are shocking, but they come as no surprise to America’s factory workers. While other sectors have seen forms of recovery, manufacturing has only seen about 40 percent of its pre-recession jobs come back – and this month only brought more job losses.
“In what has become routine for manufacturing, the overall economy didn’t see much growth either. With only 38,000 overall jobs gained last month, it is clear why America’s middle-class continues to grapple with unemployment and low-paying career substitutes amid a surging trade deficit.
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This was reposted from the Campaign for America's Future.
