Trade deficit widens more than expected in September

The U.S. trade deficit widened more than expected in September as foreign oil prices rose to the highest level in nearly a year, swamping a fifth consecutive gain in exports. Still, economists expect a rebounding global economy will keep pushing demand for exports higher, helping to bolster the U.S. recovery. The slide in the value of the dollar, which is down about 12% against a basket of major currencies since last spring, is expected to help boost exports of manufactured goods because it will make American goods cheaper in overseas markets. The Commerce Department says the trade deficit jumped 18.2% in September to $36.5 billion. That was the largest deficit since January and more than the $31.7 billion imbalance economists had expected. Exports, which have been rising since May, increased 2.9% to $132 billion, reflecting stronger sales of American autos, aircraft and industrial machinery. Imports rose 5.8% to $168.4 billion, led by a 20.1% jump in oil shipments.