American
Business
Conference A Coalition of Growth Companies
| For Immediate Release: |
|
Contact: Barry Rogstad |
| May 18, 2001 |
|
202-822-9300 |
Business Group Comments on March Trade Data
Commenting on the March 2001 goods and services trade data released today, Barry Rogstad, president of the American Business Conference (ABC) said:
"The nation's international deficit in goods and services was $31.2 billion in March, an increase of almost 16 percent over the deficit in February.
"There's no mystery about what's going on. Anyone familiar with the recent performance of the American economy could have anticipated these numbers.
"The economy grew in the first quarter by about 2 percent - a comparatively modest performance driven mostly by consumer spending. Earnings of American businesses grew anemically in the first quarter, if at all, in part because of a stagnant world market.
"The result: greater imports in March, led by consumer goods sought by the American public and fewer exports, most notably a decline in capital goods. Simply put, today's trade data reflect, as they always do, larger macroeconomic and business trends here and abroad."
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