The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the Goods and Services Deficit was $87.1 billion in April, down $20.6 billion from $107.7 billion in March, revised.
Goods and Services Details
- April exports were $252.6 billion, $8.5 billion more than March exports.
- April imports were $339.7 billion, $12.1 billion less than March imports.
- The April decrease in the goods and services deficit reflected a decrease in the goods deficit of $19.1 billion to $107.7 billion and an increase in the services surplus of $1.5 billion to $20.7 billion.
- Year-to-date, the goods and services deficit increased $107.9 billion, or 41.1 percent, from the same period in 2021.
- Exports increased $151.3 billion or 18.8 percent. Imports increased $259.2 billion or 24.3 percent.
- Three-Month Moving Average goods and services deficit decreased $0.3 billion to $94.3 billion for the three months ending in April.
- Average exports increased $8.3 billion to $243.2 billion in April. Average imports increased $8.0 billion to $337.4 billion in April.
Inflation or Recession?
Given the strength of the dollar, imports are relatively cheap, especially compared to Japan and Europe.
Rather, this is a sign consumers are on a general buyer’s strike. And that happens in recessions as the lead chart shows.
Target Warns Second Time of Weaker Profit, Bloated Inventories, and Slumping Demand
Target said inventory rose 43% as demand for outdoor furniture, small appliances and some electronics declined faster than expected.
Note that Target Warns Second Time of Weaker Profit, Bloated Inventories, and Slumping Demand
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And weakness is not just in consumer goods.
New Home Sales Plunge 22.5% In April, 16.6% From Deep Negative Revisions
New home sales have peaked this cycle and the bottom is nowhere in sight.
For discussion, please see New Home Sales Plunge 22.5% In April, 16.6% From Deep Negative Revisions
Recession is immanent.
This post originated at MishTalk.Com.
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