Trade gap slips to $45.6 billion in August (AP)

WASHINGTON ? The trade deficit edged down slightly in August although the imbalance for the year is running well above last year's pace. The trade gap with China hit an all-time high.

The Commerce Department says the deficit dipped to $45.61 billion in August, the lowest gap in four months. For the year, the deficit is running at an annual rate of $564.3 billion, 13 percent higher than last year. A higher deficit acts as a drag on economic growth because it means fewer jobs for American workers.

For August, exports slipped by $95 million to $177.6 billion, as sales of autos, aircraft engines and oilfield equipment all declined. Imports fell a larger $111 million to $223.2 billion, reflecting declines in imports of cars, clothing and aircraft.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111013/ap_on_bi_go_ec_fi/us_trade_deficit

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