Keeping you up to date on the latest data releases.
- U.S. Trade
The U.S. trade deficit narrowed in October by $0.7 billion to −$43.5 billion, down from September’s upwardly revised −$44.2 billion (previously −$43.1 billion). For the first time since June, imports and exports both fell in the same month. Imports declined by $2.2 billion to $222.6 billion, marking the fourth decrease in the past five months. Declining for the first time in four months, exports slid $1.4 billion to $179.2 billion. October’s 1.0 percent drop in imports was driven by decreases in industrial supplies (down 3.1 percent) and automotive vehicles and parts (down 2.8 percent). Partially offsetting the pronounced declines were large gains in food and beverages (up 3.7 percent), capital goods (up 3.0 percent) and consumer goods (up 1.1 percent). On a year-over-year basis imports continue to post double-digit gains, coming in at 11.9 percent (previously 12.6 percent). Large movements drove the decline in exports with automotive vehicles dropping 0.5 percent and consumer goods falling 3.2 percent. Jumps in the categories of food and beverages (up 5.5 percent), industrial supplies (up 1.7 percent), and capital goods (up 1.1) helped offset the large declines. Although October’s exports posted double-digit gains of 12.3 percent on a year-over-year basis, they declined from September’s yearly pace of 16.1 percent.