Ugliest-ever trade deficit. But US exports grew to $2 trillion, 10% was crude oil & petroleum products. Pharma & industrial machinery exports were #3 and #4.
The boom in natural gas exports creates massive demand on US production and connects US prices to the rest of the world.
Inventories are slowly recovering, but remain below where they should be.
The US still exports a lot of stuff — record amounts. But it drowns under a tsunami of imports. And the services surplus fizzled.
But companies were finally able to rebuild some woefully low inventories.
Three-decade trend brought about by Corporate America and the religion of globalization.
Driven by Corporate America and the most grotesquely overstimulated consumer spending ever.
“We need lower consumer demand to give supply chains time to catch up… recover efficiency… and break this vicious circle”: CEO of Maersk’s APM Terminals, one of the largest container port operators.
Some disruptions are “transitory,” but the spiral that the mix of ongoing over-stimulation has set off is anything but “transitory.”
Imports from OPEC reduced to irrelevancy.