A separate report released from the Commerce Department today showed that total U.S. exports in October fell more than 2 percent, from $155 billion to $151 billion, the third monthly decline in the value of goods and services that U.S. companies sell abroad.
Buoyed by a decline in the value of the dollar, exports had ballooned over the past two years, from $115 billion at the beginning of 2006 to $168 billion as of July. Exports have provided a particularly important support for U.S. manufacturers as the price of their products became more competitive with other companies around the world.
But the boom seems to be over. The drop in October exports hit not just manufacturers, but the country's service sector companies as well, and spread across a broad variety of businesses.
It's not good news. For more on the importance of exports, click here and here.
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of 4:24PM December 11, 2008