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Market Update : 
Bernanke Comments, Stocks Decline
Author: 123jump.com Staff
123jump.com
Last Update: 1:21 PM EST February 14 2008


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U.S. stocks reversed its earlier course and fell after cautious comments from the Fed Chairman Bernanke. The comments highlighted the ongoing correction in the housing market and noted that the housing market may decline further. The Chairman estimated that the near term outlook for the economy is sluggish and noted that downside risks to the growth have increased. Unemployment claims at the end of the last week decreased.

 
For 2007, exports of $1,621.8 billion and imports of $2,333.4 billion resulted in a goods and services deficit of $711.6 billion, $46.9 billion less than the 2006 deficit of $758.5 billion.

For goods, exports were $1,149.3 billion and imports were $1,964.9 billion, resulting in a goods deficit of $815.6 billion, $22.7 billion less than the 2006 deficit of $838.3 billion.

For services, exports were $472.5 billion and imports were $368.5 billion, resulting in a services surplus of $104.0 billion, $24.2 billion more than the 2006 surplus of $79.7 billion.

For the year 2007, goods and services deficit or total traded deficit declined to 5.1% of GDP from 5.7% in 2006.
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