The U.S. trade deficit narrowed sharply in August as exports rose and imports fell, suggesting trade could be little drag on economic growth in the third quarter.
The trade deficit shrank 10.8 percent to $70.4 billion from a revised $78.9 billion in July, the Commerce Department’s Bureau of Economic Analysis said Tuesday. Economists polled by Reuters had forecast the trade deficit narrowing to $70.6 billion from $78.8 billion previously reported in July.
Trade has subtracted from gross domestic product for two consecutive quarters. Estimates for third-quarter growth currently stand at an annual rate of 3.2%. The economy grew at a rate of 3.0% in the April-June quarter.
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Reference;
Reuters (2024) US trade deficit narrows sharply in August By Reuters, Investing.com. Investing.com. Available at: https://www.investing.com/news/economic-indicators/us-trade-deficit-narrows-sharply-in-august-3653201 (Accessed: 8 October 2024).
