Economic Highlights For The Week - Nov 13

November 13, 2009 8:09 p.m. EST

Washington, D.C. (AHN) - Americans received some better than expected news on the unemployment front this week. However, key economic reports provided evidence that burgeoning deficits are only getting bigger for the U.S. economy.

Economic data didn't ramp up until later in the week, kicked off by an initial jobless claims number of 502,000 for the week ended November 7. The result was better than expected as estimates called for a much smaller decline to 510,000. Prior week claims were 514,000.

Continuing claims also fell more than expected, totaling 5.63 million. Economists were expecting 5.7 million following the 5.77 million reported a week earlier.

The U.S. Treasury Department reported an expanding budget deficit in October to $176.4 billion, more than $165 billion expected. The$21 billion increase more than doubled expectations from September's $155 billion deficit.

The Commerce Department announced Friday that the U.S. Trade Deficit hit $36.5 billion in September, the largest amount since January. The result was much more than the $31.5 billion economists' were expecting. It also marks the largest month-over-month increase since the late 1990's.

The 18.2 percent deficit increase from August to September marks a record for this decade. An increase of that size has not been seen since February 1999, when the deficit jumped just over 20 percent in a month.

Next week will kick-off with October retail sales data due out before Monday's opening bell.