Long Term Perspective
Import growth accelerated in 2000 after briefly moderating its pace in 1999. To some extent, this represents increased demand for oil, but also capital goods. The economic recession of 2001 definitely took the wind out of the sails of import demand during the year.

Short Term Perspective
Imports posted modest year-over-year gains in the past several months. While it could signal increased demand for imports, it was also related to stockpiling in anticipation of a longshoreman's strike. The longshoreman lockout on the West Coast will severely hurt October data since ships couldn't be loaded or unloaded in the first half of the month. Going forward, increased demand during recovery will signal higher import growth, but the weaker dollar could dampen the gains.

Real GDP vs. Final Sales   •   Real Consumer Spending vs. Real Income   •   Debt Burden vs. Savings Rate

Business Fixed Investment vs. Net Cash Flow   •   New Orders   •   Housing Starts vs. Mortgage Rates

Merchandise Exports vs. Trade Weighted Dollar   •   Merchandise Imports vs. Trade Weighted Dollar