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U.S. Exports End Downward Trend In October
'A Hopeful Sign For Job Creation' Says AAPA Chief Executive
For October 2009, statistics reported by the U.S. Census show a second consecutive month of year-on-year increases for United States exports, which in volume terms were the highest exports have been since June 2008. On the import side-while still showing a decline-the numbers were markedly improved in October, with the rate of decline sharply lower than in past months (-8.4% in October versus -20.7% in September).
"October's export numbers offer a particularly hopeful sign for job creation and an economic recovery," said Kurt Nagle, president and chief executive officer of the American Association of Port Authorities. "While it's clear the economy is still struggling, the prospects for an economic resurgence are definitely brighter than they were this summer, especially in terms of the volume of American-made goods being produced and sold overseas."
In reviewing the latest U.S. Census import/export numbers, Mr. Nagle was also quick to point out that approval of pending international trade agreements and elimination of the federal Harbor Maintenance Tax for domestic waterborne freight, coupled with investments in surface and waterside transportation infrastructure at home, would spur job growth and further hasten the American economy toward revival.