Keeping you up to date on the latest data releases.
- International Trade
The nominal trade deficit in November was little changed, narrowing a minute $111 million after a very substantial $6.2 billion narrowing in October. Currently at $38.3 billion, the deficit is still $3.0 billion wider than it was last November, despite the fact that it has diminished in each of the past three months. November’s narrowing resulted from a 0.8 percent increase in exports, which exceeded a 0.6 percent rise in imports. Exports amounted to $159.6 billion, the highest since August 2008, and are up 14.9 percent on a year-ago basis. Imports came in at $198.0 billion, up 13.6 percent year-over-year. Although international trade activity has improved in the sense that overall U.S. trade volume is at its highest level since October 2008, imports have persistently outpaced exports, and the deficit has put a drag on gross domestic product growth in the past three quarters reported.The deficit subtracted 1.7 percentage points from real GDP growth in the third quarter of 2010, leaving annualized growth at 2.6 percent.