Exceeded our worst fears

"This really exceeded our worst fears," said Michael Woolfolk, a senior currency strategist with Bank of New York.  He was speaking of the  U.S. trade deficit.

The US trade deficit with the rest of the world jumped to a record $66.1bn (£37.8bn) in September, as oil prices soared following Hurricane Katrina, according to a BBC story. 

Overall imports to the US rose by 2.4% during the month to $171.3 bn, while US explorts fell by 2.6% to $105.2bn, the US Commerce Department said.

The soaring US deficit came as China reported a record global trade surplus of its own of $12bn in October. Tomorrow we release our findings at the LERN conference in Las Vegas on how the kids will turn that trade deficit and balance our imports and exports.