The goods and services trade deficit hit $42.6 billion in October, up from $36.2 billion the previous month, according to new data from the Commerce Department. The goods deficit with China also increased, hitting $28.9 billion in October.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"The trade deficit is a drag on growth and jobs in the goods-producing sector. It is one signal of weakness that speaks to our challenges in global competition.
"It will take more than a Carrier deal to save jobs here and bring some home. For that, we need aggressive economic policies, including a rebalance on trade policy, a tax code friendly to manufacturing and patient capital, and investments in our infrastructure, research, and workers."