Thursday, May 13, 2004

I think that the chief economist at Bank of America has been stealing my lines.
The United States' trade deficit jumped sharply to a record $46 billion in March, propelled by a surge in oil imports and oil prices as well as strong demand for imported consumer goods, the Commerce Department reported on Wednesday. . . .

"Why should we be surprised at these trade imbalances?" asked Mickey D. Levy, chief economist at Bank of America. "They are a perfect reflection of what is going on."
While the big heads at Bank of America have been reading the Globblog, clearly the rest of the country's economists haven't.
Many forecasters had been predicting that the March deficit would rise to $43 billion from $42.1 billion in February. Instead, it climbed to $46 billion as imports surged from China and Europe as well as from the big oil-exporting nations.
They could have simply read my post last month and been a hell of a lot closer on their estimate. Or bothered to look at the GDP report for 2004:I.


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