FILE - In this Thursday, Dec. 6, 2012, file photo, specialist Michael O'mara, left, and trader Robert Moran work on the floor of the New York Stock Exchange, in New York. Stock markets were in a holding pattern ahead of a U.S. jobs report later Friday Dec. 7, 2012 that is expected to reflect a downturn in hiring following a massive storm but could also show that the American economy is otherwise bouncing back. (AP Photo/Richard Drew, File)
News Summary: US growth higher on more exports
Published: 10:34:46 PM, Fri 08 February 2013 UTC
TRADE GAP SHRINKS: The U.S. trade deficit narrowed 21 percent in December from November to $38.6 billion because energy exports rose and oil imports plummeted. It was the lowest trade gap in nearly three years.
ENERGY SHRINKS DEFICIT: Total exports rose 2.1 percent to $186 billion, driven in part by record exports of gasoline, diesel and other fuels. Imports declined 2.7 percent to $225 billion. Oil imports plunged to 223 million barrels — the fewest in 15 years.
SIGN OF GROWTH: The smaller deficit suggests the economy grew in the October-December quarter instead of shrinking as the government estimated last week.
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