Record US Trade Deficit, Slowing Wholesale Inventory Gains Seen Curbing Economic Growth

Record US Trade Deficit, Slowing Wholesale Inventory Gains Seen Curbing Economic Growth
Cargo containers are stacked on a ship at the Port of Long Beach, Calif., on Oct. 27, 2021. John Fredricks/The Epoch Times
Reuters
Updated:

WASHINGTON—The U.S. trade deficit widened to a record high in January as businesses imported more goods to rebuild inventories, potentially setting up trade to remain a drag on economic growth in the first quarter.

Though inventory accumulation continues, the pace is cooling, with other data from the Commerce Department on Tuesday showing the increase in wholesale inventories in January was the smallest in six months amid a decline in motor vehicle stocks.