The numbers: The U.S. trade deficit widened 8% in November, as Americans maintained their appetite for foreign goods, the U.S. Commerce Department said Thursday.
The trade gap expanded to $68.1 billion from $63.1 billion in the prior month. Economists surveyed by the Wall Street Journal had forecast a deficit of $67.3 billion.
What happened: Both imports and exports grew in November, but imports expanded at a much faster pace.
Imports rose 2.9% to $252.3 billion in November, while exports jumped 1.2% to $184.2 billion.
Big picture: In contrast to the economy after the financial crisis, trade flows have largely recovered from the global pandemic, said IMF Chief Economist Gita Gopinath. Still, economists are worried that much of the world is using the demand of the U.S. consumer to spur exports, without creating demand for reciprocal trade.
Market reaction: The Dow Jones Industrial Average DJIA, +1.44% was set to move higher on Thursday after Congress confirmed the election of Joe Biden.
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