May 13, 2011 |
One school of thought about the so-called jobless recovery of the American economy blames high unemployment on the federal deficit. But that's blaming the wrong deficit. To achieve an authentic recovery that includes new jobs, the deficit we need to cut is in trade. For 20 years, America's exports have been surpassed by its imports, with a big bite of that trade deficit composed of oil imports. Addressing the imbalance could have a huge effect on the job market, but only if it goes beyond reducing imports.
CALIFORNIA | LOCAL
March 11, 1996
We have the Rams. We got Gretzky. Next are the Lakers and then Disneyland. You can keep the quakes. SAM LONGSTRETH St. Louis
September 17, 2013 |
Hefty export growth has pushed the economic recovery for many cities around the country, but the U.S. is still below its potential. The top 100 metro areas in the U.S. account for 64% of the nation's total exports, and all but one of these regions had exports increase in the 10 years since 2003, according to a report by the Brookings Institution Metropolitan Policy Program. "Exports have been a critical driver of the post-recession recovery in the U.S. and its metro areas," said Brad McDearman, a director of the institution's Metropolitan Export Initiative.
February 12, 2014 |
The developing world has largely usurped U.S. manufacturing, but emerging economies are increasingly big customers of American farmers. Between 2000 and 2013, American fruit, grain, meat and dairy sold overseas nearly tripled to $140.9 billion, making agricultural products one of the hottest exports in the last decade, according to a U.S. Department of Agriculture report released Wednesday. Developing countries with growing middle-class populations and strengthening currencies powered the binge on U.S. food, which has been a boon for California almond growers, Iowa soybean farmers and others.
August 16, 2011 |
The nation's busiest seaport, Los Angeles, is on pace to have a record year in exports. July exports were up 12.8%, to 165,135 containers from 146,369 in the same month a year ago. "This is a robust total for exports," said Port of Los Angeles spokesman Phillip Sanfield. In 2010, the port set a record for exports with more than 1.8 million containers; it is on pace to surpass that this year. But as usual, imports dominated the port in July, an indication of the nation's huge trade deficit.
December 30, 2011 |
U.S. refineries exported a record amount of refined fuels in 2011 to markets in South America, Central America and Europe. It was one reason why Americans spent a record amount on gasoline this year: Supplies that might have helped lower prices here had been shipped abroad. In 2007, U.S. exports of all kinds of fuel held steady throughout the year at 1.24 million to 1.25 million barrels a day, according to Energy Department statistics. But by 2011, exports of diesel, gasoline and other products surged.
September 7, 2011 |
Oil prices have fallen, but U.S. motorists aren't benefiting because the nation's refineries continue to boost exports and reduce supplies available domestically. The results could be seen in the Energy Department's weekly survey of service stations around the U.S. In California, the average price of a gallon of regular gasoline jumped 13.5 cents in the last week, to $3.944, the Energy Department said. That's also 90.3 cents a gallon higher than the average a year earlier. Nationally, the Energy Department said, the average price climbed 4.7 cents a gallon to $3.674 over the last week — 99.2 cents higher than a year earlier.
March 8, 1985 |
Japan's exports of videotape recorders rose 59% in January from a year earlier, the Electronics Industries Assn. of Japan said. It also said Japanese manufacturers produced 1.941 million videotape recorders in January, up 28.6% from a year earlier but down 21.2% from December.
January 19, 2012 |
U.S. wine exports hit record levels in 2011, helped by soaring demand from Asia and a weak dollar that made American wines more affordable. Shipments for the first 11 months of 2011 reached $1.23 billion, according to the California Wine Institute. That's up 23% from the same period in 2010, and it's a 9% increase over the $1.1 billion in exports tallied for all of 2010, even though December 2011 results have yet to be reported. Full-year 2011 statistics will be released later this year.
February 10, 2010 |
The U.S. trade deficit widened by an unexpectedly large margin in December as American exports continued to grow but imports rose at an even faster pace, largely because of a sharp increase in petroleum purchases, the Commerce Department reported Wednesday. It was the third straight month of rising trade deficits -- and the surprisingly big jump in December, to $40.2 billion from $36.4 billion in November, suggested that U.S. economic growth in the fourth quarter, initially estimated at 5.7%, could be revised down slightly, said Paul Dales, an economist at Capital Economics.