Trade Deficit Widens to $62.3 Billion in February

The U.S. trade deficit unexpectedly widened to 62.3 billion in February, as imports of foreign cars and other consumer goods set a record, growing faster than exports.

Analysts had wrongly predicted the deficit would decline on the belief that a severe economic slowdown in the United States would cut demand for imports. However, imports of goods and services shot up 3.1 percent to an all-time high of $213.7 billion. Exports also set a record, rising by 2 percent to $151.4 billion, reflecting strong gains in the sale of American-made heavy machinery, computers and farm goods.

Surveys find Americans are not sure if the country is winning or losing in foreign trade and say protecting jobs from going overseas is a major worry. The public gives the U.S. government mediocre grades on its trade policy, but they're also doubtful on how much the government can do. In our Confidence in U.S. Foreign Policy Index, about three-quarters say it is not realistic to expect jobs to stay here when labor is cheaper elsewhere.