The trade deficit in January widened the most from month-to-month since 1993, and first-time applications for unemployment benefits also went up last week, Reuters reported.

Figures from the U.S. Department of Commerce today showed that the January deficit increased 15.1 percent to $46.3 billion. Exports rose 2.7 percent to a high of $167.7 billion. Imports, though, rose at an even faster 5.2 percent pace to $241.1 billion.

Though the strong import growth is a sign of improved domestic demand, it suggested that U.S. production in the first quarter could be a bit softer than economists had expected.

“To the extent that this surge reflects the strength of domestic demand, particularly restocking, it isn’t necessarily a disaster,” said Paul Ashworth, chief U.S. economist with Capital Economics Ltd. in Toronto in an interview with Reuters. “Nevertheless, it is a concern, particularly when we know that the latest surge in the cost of imported oil will drive the deficit about $50 billion over the next few months.”

A separate report from the U.S. Department of Labor showed that the number of Americans filing first-time claims for unemployment benefits increased by 26,000 to reach 397,000 for the week ended March 5. The total number of people receiving benefits the previous week fell to the lowest point since October 2008.