WASHINGTON (Reuters) – The U.S. trade deficit widened to a record high in January amid a surge in imports, potentially setting up trade to remain a drag on economic growth in the first quarter.
The Commerce Department said on Tuesday that the trade deficit jumped 9.4% to an all-time high of $89.7 billion in January. Data for December was revised to show a $82.0 billion shortfall instead of the previously reported $80.7 billion.
Economists polled by Reuters had forecast a $87.1 billion deficit. Trade has subtracted from gross domestic product growth for six straight quarters.
(Reporting By Lucia Mutikani; Editing by Andrew Heavens)
