The U.S. trade deficit in goods and services rose to a record high in August, largely on the back of a rise in imports as businesses continued to build up inventories in response to strong consumer demand. The Commerce Department said in an Oct. 5 statement (pdf) that the trade deficit—the difference between exports and imports of goods and services—rose by 4.2 percent in August, hitting an all-time high of $73.3 billion. Imports rose 1.4 percent to $287 billion, while exports edged up 0.5 percent to $213.7 billion. Consumer goods imports saw a relatively sharp rise of $2.7 billion in August, led by pharmaceutical preparations, industrial supplies and materials, organic chemicals, toys, games, and sporting goods. Nicole Wolter, President and CEO of HM Manufacturing, which makes parts for power transmission and precision mechanical components, told NTD in an interview that robust demand has left many companies scrambling to fill orders amid shortages …