Trade deficit sets record

Pool & Spa News, April 25, 2005 by Bob Dumas

Shaped by a surge in oil and textile imports, the American trade deficit shot up to a record high of $61.04 billion in February.

The Associated Press said the February gap was up 4.3 percent from January's mark of $58.5 billion. That month, the export of U.S. goods and services rose $50 million, but was crushed by a $2.58 billion jump in imports.

The decline of the U.S. dollar should eventually help reduce the deficit by making imports more costly for American shoppers, while making U.S. exports cheaper.

The February deficit surpassed the old mark of $59.4 billion, set in November 2004.

A look at pool/spa industry stocks shows Alleghany Corp ( 8.04) and Great Lakes Chemical ( 4.42) to be the leading gainers on the NYSE; Fiberstars Inc. ( 1.74) and FirstService Corp. ( 1.16) led NASDAQ.