The trade deficit rose in May to a maximum of 18 months, as rising imports offset another solid gain in American exports. The increase in imports was a sign of hope for economic recovery, because the proposed business are optimistic that U.S. consumers spend more in the coming months. The trade deficit rose 4.8 percent to U.S. $ 42.3 million, the largest deficit since November 2008, the Ministry of Commerce said today. U.S. exports of goods and services rose 2.4 percent to 152.3 billion U.S. dollars. It was the highest monthly total since September 2008, the month of the financial crisis hit hard. Leading the strong exports were machinery, medical equipment, generators, and commercial aircraft.
Stocks rise after Alcoa, CSX reports strong profit growth: U.S. stocks rose after strong earnings reports from Alcoa and CSX today reassured investors about the pace of economic recovery. Investors responded enthusiastically to the better than expected earnings from aluminum maker Alcoa Inc. and CSX Corp., the railway operator, the Dow Jones Industrial Average rose 159 points in afternoon trading.
GE provides $ 200 million of funds for power projects: General Electric, said today pledged U.S. $ 200 million in new research and development projects intended to produce energy more efficient and environmentally friendly electricity to finance. GE and three venture capital funds will acquire the ideas of entrepreneurs, researchers and start-ups in the next 10 weeks. Awards will be announced in November. The fund will focus on intelligent network technology is designed to fuel the nationwide network of electrical equipment to improve the property.
Obama names Jacob Lew as budget director: President Barack Obama named Secretary of State James Lew as the Director of the Office of Management and Budget Tuesday, accusing him of putting the nation in a fiscally responsible way. "At a time when many families are tightening their belts, the government will continue with its own personal touch," Obama said in announcing the selection Lew in the White House.