US Trade Deficit Widens In October As Exports Tumbled
The US trade balance increased to a $78.2 billion deficit in October (from $74.1 billion in Sept). That was slightly less than the $80.0 billion expected but is still the biggest deficit since June.
The value of imports increased and exports declined, which may weigh on economic growth in the fourth quarter.
Imports rose 0.6% in Oct. to $334.79b from $332.64b in Sept.
Exports fell 0.7% in Oct. to $256.63b from $258.51b in Sept.
Services trade balance rose to a $21.4 billion surplus – the most since Dec 2021…
Under the hood, the US exported $2.259 billion more petroleum products than it imported in October, just shy of September’s record high…
We look forward to the Atlanta Fed’s GDPNOW model’s adjustment to this weaker trade balance data… which appears to line up with the dismal ISM/PMI data.
Tue, 12/06/2022 – 08:40
via ZeroHedge News https://ift.tt/YJv37SL Tyler Durden