The US trade deficit with China plummeted 17.5% last November to its lowest level since June. It is likely December will show another decline according to economists.
The global economy is obviously under great strain. As I've mentioned before, all the stress may turn out to be a good thing in the future. The US government will be forced to deal with its structural deficit in entitlement programs and defense spending. The companies that emerge in China and the USA will be stronger as a result of their survival. American consumerism and debt spending will be moderated.
None of this makes the real-life struggles of losing a job or a home any easier in the short-term. I encourage the folks in these situations to search for opportunities in the adversity. Perseverance and determination are classic American traits. New careers can be exciting and rewarding.
As I've mentioned before, what is required is perspective and communication. At OPSA we are excited about the opportunity to help more companies reduce costs. We are also excited about the expansion plans we are putting in place for 2009. I continue to expect the global economy will improve significantly in 2009.
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