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U.S. Export Prices Fall In Sign Global Economy Doing Poorly

wochit business
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November 15, 2013 AT 5:18 AM
Prices for U.S. exports unexpectedly fell in October, a worrisome sign of global economic weakness, while the cost of imports into America declined due to a sharp drop in the price of oil. Export prices dropped 0.5 percent last month, the seventh decline in eight months, the Labor Department said on Friday. The European Central Bank, which is struggling to support a recovery, cut interest rates earlier this month in part over concerns the region's weak economy is weighing too much on prices.