University Daily Kansan / Wednesday, March 21, 1990
9
Oil demand fuels U.S. trade deficit
The Associated Press
WASHINGTON — The U.S.' trade deficit widened sharply to $9.3 billion in January as a record demand for foreign oil offset an all-time high in sales of U.S. products overseas, the government reported yesterday.
The January gap between imports and exports was 20.5 percent larger than December's $7.7 billion deficit. The December level was the best monthly showing in five years.
Exports climbed to a record high of $32.1 billion in January, 4 percent above the December level. However, that gain was swamped by a 7.3 percent rise in imports, which increased to $41.32 billion.
The increase in imports came primarily from a 44 percent surge in oil shipments, reflecting a rush by oil companies to replenish storage tanks depleted by unusually cold weather in December.
The deficit with Japan declined in January to $2.9 billion, its lowest level in five years.
Other big deficits in January included a $1.1 billion imbalance with Taiwan, an $840 million deficit with China and a $628 million deficit with Canada, the United States' largest trading partner.
Analysts were encouraged that the increase in exports stemmed in large part from a 13 percent jump in sales of
U.S. merchandise trade
The merchandise trade deficit is the gap between what the U.S. imports and what it exports.
SOURCE: U.S. Commerce Department.
2/20/90 - Knight-Ridder Tribune News
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manufactured capital goods, an area where the United States is regaining ground previously lost to foreign competitors.
February retail costs climb despite fuel glut
The Associated Press
WASHINGTON — The largest surge in clothing costs in 43 years helped retail prices climb a brisk 0.5 percent last month even as fuel oil prices fell, the government reported yesterday.
The increase in the Labor Department's Consumer Price Index was about two what had been anticipated and came on top of a weather-feuled 1.1 percent jump in January, the steepest in $7\frac{1}{2}$ years.
Taken together, the first two months of the year represent an annual inflation rate of 9.9 percent, compared to 4.6 percent for all of 1989.
"It's a nasty little number, worse than we thought it would be," said economist Robert Brusca of Nikko Securities Co. International Inc.
"The problems we had in January still appear to be lingering in February."
White House Press Secretary Marlin Fitwater, on the other hand, said that inflation was low and under control.
The report flustered financial markets, where stock and bond prices fell immediately after its release. Traders interpreted the inflation as an indication that the Federal Reserve Board would not lower interest rates in the near future.
Economists said it was difficult to sort out underlying trends because so many of the report's components were swung by special factors.
An earlier-than-usual start to the spring fashion season pushed clothing costs up 3.3 percent. It was the
Fuel oil prices plunged 18.7 percent, a record since 1955, after a 26.3 percent advance in January. A freeze in late December had caused shortages, but unusual warm weather this year quickly produced a fuel glut. Other energy prices and food costs, however, did not rebound.
biggest one-month gain since the government began tracking such prices and represented about two-fifths of the overall. February increase.
In other economic news, the Labor Department said U.S. workers' earnings climbed 0.3 percent last month after adjustments for inflation and seasonal factors. That followed a 1.2 percent drop in January, much steeper than an earlier government estimate of 0.7 percent.
In Honor Of Women's History Month WOMEN'S FILM FESTIVAL
Julia
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Growing Up Female One of the first films of the modern feminist movement.
Lilian Hellman's tribute to her friend, Julia, is a true story of loyalty, courage, and
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SPONSORED BY THE COMMISSION ON THE STATUS OF WOMEN with special assistance from SUA The Commission on the Status of Women is funded by Stuart
The rate of extinction of species from this earth was 1 every 4 years from 1600 to 1900. It's now estimated to be 1000 per year KANSAN
A SUMMER PROGRAM OF MEDIEVAL ARCHAEOLOGY Castello di Spannocchia
The Commission on the Status of Women is funded by Student Senate.
Siena, Italv
Gain basic and advanced training in archaeological survey, excavation, and lab techniques by participating in the ongoing research project at Castiglione the Dio sola ("the Castle that only God knows"), an abandoned medieval castle.
*Earn three hours of undergraduate or graduate credit in Classics or Anthropology
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*Take field trips to nearby areas relating to the medieval period
For more information contact
Dr. Andrew N. Sunny Avenue, 232 S. Superior, N.W., Wash.
Dr. Alfred Johnson, Director, Museum of Anthropology
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