US trade deficit grows to record $60.3bn

Joe Richter, Bloomberg

The trade gap increased 7.7% from the previous record of $56bm in October, the Commerce Department said in Washington. The imbalance with China held close to a record and accounted for more than a quarter of the total deficit.

The $561.3bn (423.2bn) excess of imports over exports through November exceeds the record for all of 2003. A rebound in consumer spending increased demand for imported products in the world's largest economy.