US trade plunges further into red

The gap between US exports and imports has surged unexpectedly, as the US economy has sucked in oil.

In October, the trade deficit was a record $68.9bn (£38.9bn), up 4.4% from the month before, the Commerce Department said.

Although the price of oil fell during October, the volume of oil imported soared 9.3%, with industrial goods also entering the US at record levels.

Economists warned it could signal slower growth.

Most had forecast the deficit would shrink, to about $63bn.