The U.S. trade deficit rose to its highest level in 14 months, as record high oil prices overshadowed a rise in exports.
The U.S. Department of Commerce said the deficit grew by 9.3 percent during November to $63.1 billion – largely created by a 16.3 percent increase in foreign oil costs. There also was a temporary decrease in exports of aircraft products and parts that led to larger-than-expected deficits.
But the news isn’t all bad – exports rose by .4 percent to a new record of $142.3 billion, getting a boost from a weak dollar.
And the beleaguered U.S. auto industry had its second largest month for auto exports, at $467 million.