A little bit of good news.

From Market Watch:

Trade gap plunges on falling demand, prices

November deficit narrows to $40.4 billion on record decline in imports

The U.S. trade balance with the rest of the world plunged by 29% in November to $40.4 billion, on a record decline in oil prices and significantly weaker demand for imports, the Commerce Department reported Tuesday.

Imports fell a record 12% to $183.2 billion, the lowest level in two and a half years, as the average price of imported petroleum dropped by $25.30 a barrel to $66.72.

Meanwhile, exports dropped 5.8% to $142.8 billion, led by weakening foreign demand for industrial supplies and capital goods.

People are saving more and spending less. In many ways this is a good thing but in our consumer driven economy, this will cause more declines.