US goods trade deficit rises to an all-time high in January

The US Commerce Department said that the US goods trade deficit rose 7.1% to $107.6 billion in January, its highest level ever, with imports of goods rising 1.7% while exports fell 1.8%. Durable goods inventories rose 1.0% in January, wholesale non-durable goods inventories rose 0.5% in January, and retail inventories rose 1.9% in January after rising 4.7% in December. Excluding autos, retail inventories, which account for GDP growth, rose 1.7% in January after rising 3.9% in December, and inventory investment rose at a seasonally adjusted annual rate of $171.2 billion in the fourth quarter of last year.