03/16/2009 - 8:13am
WASHINGTON (AP) The U.S. trade deficit plunged in January to the lowest level in six years. While U.S. exports from farm goods to autos to civilian aircraft fell sharply, imports fell at an even faster clip as a deepening recession cut demand for goods from abroad.
The Commerce Department said Friday the trade imbalance dropped to $36 billion in January, a decline of 9.7 percent from December and the lowest level since October 2002.
While the improvement was better than the $38 billion deficit that economists had expected, they did not see the development as good news for the economy.
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