Trade Deficit in U.S. Widened to a Four-Month High in October
Source: Bloomberg
Trade Deficit in U.S. Widened to a Four-Month High in October
by Patricia Laya
December 6, 2016 8:30 AM EST Updated on December 6, 2016 8:41 AM EST
➞ Gap jumped 17.8% from month earlier to $42.6 billion
➞ U.S. imports of business equipment, consumer goods pick up
The U.S. trade deficit widened to a four-month high in October as overseas sales weakened and American companies imported more equipment and consumer goods.
The gap grew to $42.6 billion from the prior months revised $36.2 billion, Commerce Department figures showed Tuesday. The 17.8 percent increase from September was the largest since March 2015. The Bloomberg survey median called for a $42 billion shortfall.
Stronger demand for imported merchandise indicates trade will add less to U.S. growth after net exports in the third quarter contributed the most since the end of 2013. Whats more, the latest rally in the dollar could squelch prospects for a pickup in exports as American-made goods become more expensive overseas.
Bloomberg survey estimates ranged from shortfalls of $37.5 billion to $44 billion after an initially reported $36.4 billion September deficit. ... Exports decreased 1.8 percent, the most since January, to $186.4 billion in October on slower sales of foods, consumer goods and industrial supplies, the Commerce Department data showed. At the same time, exports of services were a record.
Read more: https://www.bloomberg.com/news/articles/2016-12-06/trade-deficit-in-u-s-widened-to-a-four-month-high-in-october
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