US government figures show that the country's trade deficit narrowed unexpectedly in November as exports climbed to the highest level in more than two years.
The trade gap dipped to $38.3 billion from $38.4 billion in October, the Commerce Department reported. Analysts had expected the November trade deficit to widen slightly to $40.5 billion from October's originally reported $38.7 billion. November's deficit was the lowest since January 2010.
November's exports of goods and services totalled $159.6 billion, the highest since August 2008, which was just weeks before the bankruptcy of Lehman Brothers touched off a global financial crisis.
November exports to China, at $9.5 billion, were the highest on record. Despite the export gain, the politically sensitive trade gap with China widened to $25.6 billion in November from $25.5 billion in October. This came as imports from China rose to $35.1 billion, from $34.8 billion a month earlier.
These figures will probably feature prominently in the run-up to next week's US-China leaders summit at the White House. The US wants China to allow its yuan currency to rise more rapidly in order to help shrink the trade gap.
US jobless claims rise more than expected
New US claims for unemployment benefits rose more than expected last week, up 35,000 from the week before, Labor Department figures showed today.
Jobless claims rose substantially to 445,000 in the week ending January 8. Economists had expected claims to hit just 415,000.
Claims rose in Georgia, Michigan, Pennsylvania, New York and Wisconsin, the figures show.
