Keeping you up to date on the latest data releases.
- International Trade
The nominal trade deficit narrowed sharply in July, reversing much of June’s record increase. The $7.0 billion narrowing (from $49.8 billion to $42.8 billion) resulted from a 2.1 percent drop in imports and a 1.8 percent rise in exports to $153.3 billion, the highest level in nearly two years. The drop in imports was broad based but led by consumer goods and autos. The boost in exports, meanwhile, was driven by capital goods excluding autos (particularly a $1.4 billion advance in civilian aircraft) as well as industrial supplies. Exports are up 18.3 percent year-over-year, while imports are up 20.5 percent. While the trade deficit improved a great deal in July, it is still higher in than any month since October 2008, with the exception of June.