The U.S. trade deficit shrank way more than expected, by more than 12% to $US34.3 billion — the lowest level sicne October 2009.
And it’s all bcause of oil imports, which fell 1.9%.
Consensus forecast was for the deficit to have closed to $US40 billion, compared with $US39.3 billion prior.
Imports fell 1.9%, while exports climbed 0.9%.
Deutsche Bank’s Joe LaVorgna is impressed:
Here’s the export chart from Markit’s Chris Williamson — we are back at a new nominal all-time high.
Here’s what things have been looking like since 2009.