WASHINGTON - The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, suggesting trade could contribute to economic growth in the fourth quarter, though a fall in imports of consumer goods hinted at a slowdown in domestic demand.
The Commerce Department said the trade deficit tumbled 7.6% to $47.2 billion, the smallest since May 2018, as both imports and exports of goods declined. It was the second straight monthly fall in the trade bill and the percent drop was the biggest since January. The goods trade deficit with China fell 1.1% to $31.3 billion, with imports unchanged and exports increasing 3.4%.
Ironically, the United States has a goods trade surplus with Brazil, which swelled in October to its highest level since March 2014. It is also running a goods trade surplus with Argentina. The goods trade surplus with South and Central America hit a record high in October. The claims data has no bearing on November’s employment report, which is scheduled for release on Friday. According to a Reuters survey of economists, nonfarm payrolls probably increased by 180,000 jobs in November, boosted by the return of about 46,000 striking General Motors workers. The strike had helped to hold job growth down to 128,000 in October.
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