Senate Democrats

Reid Statement On October Trade Report

Washington, D.C. – Today, Senator Harry Reid issued the following statement on the upcoming economic summit and the October Trade Report:

“Tomorrow the President will convene an economic summit with corporate CEOs and economists. But ordinary families don’t need a bunch of experts to tell them that the economy still isn’t working for all Americans.

“Today we learned that our trade deficit set another record – imports from China continue to increase while American jobs are shipped overseas. Job growth was down last month. And as winter sets in, Americans face record costs to heat their homes because of soaring energy prices.

“This summit is an ideal opportunity for the President to make good on his promise of bipartisan leadership, by seeking bold ideas for a new economic strategy that benefits all Americans, not just those at the top.”

Trade Deficit “Swelled to a Record $55.5 Billion.” October’s trade deficit broke a new record with imports surging to new highs. “America’s trade deficit swelled to an all-time high of $55.5 billion in October as imports — including those from China — surged to the loftiest levels on record.” [Associated Press, 12/14/04]

“U.S. Job Growth Slowed Sharply Last Month.” Job numbers reported for November proved disappointing. “Employers added 112,000 jobs in November, the smallest gain in four months, and below the roughly 150,000 per month that economists think are needed to keep up with population growth, the Labor Department reported yesterday.” [Washington Post, 12/4/04; Bureau of Labor Statistics]

Families Will “Face Sharply Higher Home Heating Bills This Winter.” Families will pay more for heating their homes this winter than ever before. “Natural gas bills will be 9 percent higher than last winter, averaging $950 for the season…Heating oil users will see a 34 percent increase to an average $1,279 this winter…Propane costs will average $1,404, up 22 percent from last year.” [Reuters, 12/7/04]