Keeping you up to date on the latest data releases.
The nominal trade deficit narrowed a substantial $5.9 billion in October, as exports jumped 3.2 percent while imports retreated 0.5 percent. The deficit currently stands at $38.7 billion, down from a revised $44.6 billion in September, and in its best shape since January. Goods exports were responsible for much of October’s narrowing, rising 4.2 percent as services exports inched up 0.9 percent. The increase in goods exports was broad-based but particularly pronounced in industrial supplies, automotive, capital goods, and consumer goods. October’s decline in imports was due to a 0.7 percent drop in goods, as services imports increased 0.6 percent. Over the course of the past 12 months, the trade deficit has widened by $6.4 billion, with exports up 14.9 percent and imports up 15.9 percent.