US trade deficit widens

In this photo of Feb. 4, 2012, a cargo ship, owned by German shipping company Hapag-Lloyd, crosses New York Harbor. The U.S. trade deficit widened in December, reflecting a jump in imports of autos and industrial machinery. For the year, the deficit climbed to the highest level since 2008 as both exports and imports rose to all-time highs. (AP Photo/Mark Lennihan)

The U.S. trade deficit widened for the second straight month in December, pushed higher by rising oil prices and imports of cars and planes.

The U.S. deficit in international trade of goods and services increased 3.7% to $48.80 billion from a revised $47.06 billion the month before, the Commerce Department said Friday. The November trade gap was originally reported as $47.75 billion.

Economists surveyed by Dow Jones Newswires had expected the gap to climb to $48.5 billion.

Full story: U.S. Trade Deficit Widens