Week in Review: Feb. 7-11
No big data releases, but 60 years ago (February 7, 1962), America passed sanctions on Cuba, which remain in place to this very day. The sanctions embody an embargo extended to include virtually all exports. Last year, a total of 184 nations voted in favor of a resolution demanding the end of the U.S. economic blockade on Cuba (resolution passed for a 29th consecutive year excluding Covid impacted 2020). The U.S. and Israel voted against the resolution. Interesting!
U.S. Goods and Services Trade Balance
The U.S. goods and services deficit (exports minus imports) was $80.7 billion in December 2021, up from $79.3 billion in November. America’s trade deficit is the largest in our history, and by a vast margin. In 2021, the U.S. imported $859.1 billion more in goods and services than we exported. The previous record was $763.5 billion set in 2006 as the nation was just beginning to observe some weakness in its housing market . . .
The trade deficit with China also expanded. In part, this is because China has failed to meet purchase requirements under a trade deal signed with the Trump administration. Hey, lots of communism in this Week in Review.
Consumer Price Index
Inflation nation, baby! In case you haven’t heard because you’ve been stuck with Russians on the International Space Station (more communists!), we’ve recently been dealing with a bit of inflation here on Mother Earth.
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