The numbers: The trade deficit in goods surged by 17.5% in November to set an all-time high, keeping the U.S. on track in 2021 to post its biggest annual shortfall on record.
An early or advanced look at the trade gap in goods showed that it increased to $97.8 billion in November from a revised $83.2 billion in October, according to the U.S. Census Bureau.
The U.S. is poised to surpass a record set in 2006 and incur its biggest international trade deficit ever.
The domestic economy has recovered faster compared to most other countries, largely explaining the surge in imports and slower rebound in American exports.
An advanced estimate of wholesale inventories, meanwhile, revealed a 1.2% increase in November. And retail inventories jumped 2%, according to an early estimate.
Companies sought to stock up ahead of the crucial holiday shopping season, but manufacturing-production bottlenecks,…