Imports Increase to Record $97.8 Billion; Inventories Grow for Holiday Season
The trade deficit jumped almost 18 percent last month, which indicates the U.S. economy is bouncing back faster than other countries.
The U.S. Commerce Department reported a record-breaking trade deficit that increased $97.8 billion for November. While imports rose 4.7 percent, exports decreased 2.1 percent.
Retail inventories also climbed 2 percent last month when companies prepared for the holiday sales season.
“Once again, the U.S. economy is leading the way in our new normal economy,” said Mitch Gould, founder and CEO of Nutritional Products International, a global brand management firm based in Boca Raton, Fl. “American consumers have been on a buying spree, aided in part by rising wages, stimulus checks, and an economy that has shown great resilience during the past two years.”
Gould said Americans buying foreign products is good news for the international health and wellness brands that NPI represents.
“NPI clients are happy that American consumers are spending on imports and that the U.S. economy is outpacing the rest of the world,” Gould said.
Looking to next year, Gould said the Federal Reserve is predicting 4 percent growth while the Conference Board, which is a research group made up of more than 1,000 public and private corporations, expects a 3.5 percent increase.
“There will be bumps in the road going forward,” Gould said. “The Fed is concerned about inflation, but also predicts the unemployment rate will drop to 3.5 percent in 2022 from the current 4.2 percent.”
For more information, visit Nutritional Products International online.
MORE ON NPI AND ITS FOUNDER
NPI is a privately-held company specializing in the retail distribution of nutraceuticals, dietary supplements, functional beverages, and skin-care products. NPI offers a unique, proven approach for product manufacturers worldwide seeking to launch or expand their products’ distribution in the U.S. retail market.
Mitch Gould, the CEO and founder of NPI, developed the “Evolution of Distribution” platform, which provides product manufacturers with the sales, marketing, and product distribution expertise required to succeed in the world’s largest market — the United States.
Gould, known as a global marketing guru, also has represented icons from the sports and entertainment worlds such as Steven Seagal, Hulk Hogan, Ronnie Coleman, and Wayne Gretzky.