U.S. DEFICIT: $45.2 BLN
U.S. BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $45.2 billion in November, up $2.9 billion from $42.4 billion in October, revised. November exports were $185.8 billion, $0.4 billion less than October exports. November imports were $231.1 billion, $2.4 billion more than October imports.
The November increase in the goods and services deficit reflected an increase in the goods deficit of $3.4 billion to $66.6 billion and an increase in the services surplus of $0.5 billion to $21.4 billion.
Year-to-date, the goods and services deficit decreased $4.9 billion, or 1.1 percent, from the same period in 2015. Exports decreased $56.6 billion or 2.7 percent. Imports decreased $61.4 billion or 2.4 percent.
The average goods and services deficit increased $1.5 billion to $41.3 billion for the three months ending in November.
- Average exports of goods and services decreased $0.7 billion to $187.3 billion in November.
- Average imports of goods and services increased $0.8 billion to $228.6 billion in November.
Year-over-year, the average goods and services deficit decreased less than $0.1 billion from the three months ending in November 2015.
- Average exports of goods and services increased $1.7 billion from November 2015.
- Average imports of goods and services increased $1.7 billion from November 2015.
Exports of goods decreased $0.7 billion to $122.4 billion in November.
Exports of goods on a Census basis decreased $1.0 billion.
- Capital goods decreased $1.8 billion.
- Civilian aircraft decreased $1.3 billion.
- Industrial supplies and materials increased $1.5 billion.
Net balance of payments adjustments increased $0.3 billion.
Exports of services increased $0.3 billion to $63.5 billion in November.
- Financial services increased $0.2 billion.
- Travel (for all purposes including education) increased $0.1 billion.
Imports of goods increased $2.7 billion to $189.0 billion in November.
Imports of goods on a Census basis increased $2.5 billion.
- Industrial supplies and materials increased $2.2 billion.
- Crude oil increased $0.9 billion.
Net balance of payments adjustments increased $0.2 billion.
Imports of services decreased $0.3 billion to $42.1 billion in November.
- Travel (for all purposes including education) decreased $0.2 billion.
- Transport, which includes freight and port services and passenger fares, decreased $0.1 billion.
The real goods deficit increased $3.3 billion to $63.6 billion in November.
- Real exports of goods decreased $1.1 billion to $119.4 billion.
- Real imports of goods increased $2.1 billion to $182.9 billion.
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.