US trade deficit climbs to $45.2 billion in November

US trade deficit climbs to $45.2 billion in November

WASHINGTON

The U.S. trade deficit in November rose to the highest level in nine months as imports of oil and other foreign goods increased, while American exports fell for a second month.

The trade deficit jumped 6.8 percent to $45.2 billion, the largest imbalance since February, the Commerce Department reported Friday. Exports edged down 0.2 percent to $122.4 billion, reflecting lower overseas sales of American-made airplanes, autos and farm products. Imports rose 1.1 percent to $231.1 billion, led by a 7.6 percent jump in oil.

President-elect Donald Trump made America’s large trade deficits a central part of his campaign. He promised to impose high tariffs on countries such as China and Mexico unless they reformed what Trump charged were unfair trading practices that have cost millions of American jobs.

A lower deficit adds to the overall economy because it means American companies are selling more to foreign countries than Americans are purchases from abroad. The deficit is the difference between exports and imports.

US factory orders drop 2.4 percent but investment up

WASHINGTON

Orders to U.S. factories fell for the first time in five months in November, but much of the weakness reflected a swing in the volatile category of commercial aircraft. A key category that tracks business investment spending posted an increase.

Factory orders dropped 2.4 percent after a 2.8 percent rise in October, the Commerce Department reported Friday. It was the first decline since June but the weakness was led by a 73.8 percent plunge in demand for commercial aircraft following a 94.5 percent surge in October.

A key category that serves as a proxy for business investment spending increased 0.9 percent after a 0.5 percent rise in October. This category has lagged for much of this year as a result of big cutbacks in the oil and gas industry.

Starbucks to stop selling alcohol at some US stores

NEW YORK

Starbucks will stop selling beer and wine at more than 400 U.S. stores next week as it ends its “evenings” program.

The coffee chain says the “Starbucks Evenings” program in 439 company-owned stores in the U.S. will end Tuesday. It said the program may continue in some of the nine licensed stores where it is offered, or overseas. The program was first tested in 2010 near Starbucks’ headquarters in Seattle and was expanded as a way to drive sales beyond the morning rush. In addition to alcohol, the evening menu featured foods like bacon-wrapped dates.

Starbucks said in 2014 it planned to expand alcohol to “thousands” of stores. Now, it says it will integrate beer and wine into its higher-end retail format, such as Roastery stores.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Alcoa Inc., .1230.680.03

Aqua America, .71 30.30-0.09

Avalon Holdings,2.71-0.04

Chemical Bank, .2723.34-0.36Community Health Sys. 6.15 -0.12

Cortland Bancorp, .2817.75-0.15

Farmers Nat., .1614.00-0.15

First Energy, 1.44 31.130.28

Fifth/Third, .5226.870.23

FirstMerit Corp.,21.610.37

First Niles Financial, .1210.950.00

FNB Corp., .4816.090.10

General Motors, 1.5235.99-0.40

General Electric, .9231.610.09

Huntington Bank, .28 13.290.03

iHeartMedia Inc.,1.160.01

JP Morgan Chase, 1.9286.120.01

Key Corp, .3418.320.04

LaFarge, .34-0.00

Macy’s, 1.51 30.82-0.04

Parker Hannifin, 2.52 141.490.12

PNC, 2.20119.051.67

Simon Prop. Grp., 6.60186.83+2.43

Stoneridge 17.76-0.03

United Comm. Fin., .12 8.84-0.01

Selected prices from Friday’s 4 p.m. close.