At 8:30 a.m. ET, the Department of Commerce will release US trade balance data for April.
Economists estimate that the trade deficit — the excess of imports over exports — narrowed to $US-44 billion, according to Bloomberg.
The deficit exploded to a six-year high in March, at $US51.4 billion, and saw the biggest percentage increase from the previous month in 18 years.
The nine-month slowdown at West Coast ports caused a backlog that slowed down exports.
In a note Tuesday, Deutsche Bank chief US economist Joseph LaVorgna wrote, “West Coast port activity is beginning to normalize, with the volume of outbound loaded containers rising and the volume of inbound loaded containers declining. We have found that these two series are significantly correlated with the US trade data, which is the main reason we expect the April trade balance to narrow.”
We’ll be back with the numbers once they cross …