Way narrower than expected at $38.7 billion. This will boost Q4 GDP estimates a bit.
Full announcement can be found here.
Here’s the top-level view:
The September to October increase in exports of goods reflected increases in industrial supplies and materials ($2.6 billion); foods, feeds, and beverages ($0.7 billion); automotive vehicles, parts, and engines ($0.4 billion); capital goods ($0.4 billion); other goods ($0.1 billion); and consumer goods ($0.1 billion).
The September to October decrease in imports of goods reflected decreases in industrial supplies and materials ($1.7 billion); capital goods ($0.9 billion); and foods, feeds, and beverages ($0.1 billion). Increases occurred in consumer goods ($1.3 billion) and other goods ($0.3 billion). Automotive vehicles, parts, and engines were virtually unchanged.
Stocks are still headed a bit higher.
Thanks to oil, import prices rose 1.3% in November.
Background: Analysts are looking for the US to post a trade deficit of $43.6-$44.5 billion for October. That’s basically the same as the $44 billion posted in September.
Bear in mind that the lower the deficit, the higher US GDP will be in the 4th quarter. The question is whether the weak dollar (remember, it was much weaker in October than it is now) helped improve exports much.
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