U.S. trade deficit widens in September; inventories mixed By Reuters

© Reuters. FILE PHOTO: Sea gulls sit on a lamppost beside shipping containers stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018. REUTERS/Brian Snyder WASHINGTON (Reuters) – The U.S. trade deficit in goods surged in September as exports tumbled, suggesting trade probably weighed on […]


© Reuters. FILE PHOTO: Sea gulls sit on a lamppost beside shipping containers stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S., May 9, 2018. REUTERS/Brian Snyder

WASHINGTON (Reuters) – The U.S. trade deficit in goods surged in September as exports tumbled, suggesting trade probably weighed on economic growth again in the third quarter.

The goods trade deficit increased 9.2% to $96.3 billion, the Commerce Department said on Wednesday. Goods exports dropped 4.7%, while imports gained 0.5%.

The report, which was published ahead of Thursday’s advance third-quarter gross domestic product data, also showed wholesale inventories increased 1.1% last month.

Retail inventories fell 0.2%, pulled down by a 2.4% plunge in stocks at auto dealerships, which reflected a global chip shortage which is undercutting motor vehicle production.

Retail inventories, excluding autos, which go into the calculation of GDP, rose 0.6%

According to a Reuters survey of economists, the economy likely grew at a 2.7% annualized rate in the third quarter. That would be a step-down from the 6.7% rate notched in the second quarter.

Inventories were depleted in the first half of the year. Economists believe the pace of decline lessened in the third quarter, accounting for the bulk of expected GDP growth.

Trade has been a drag on GDP growth for a year, while inventories have subtracted from output for two straight quarters.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Next Post

Gunter Pauli Will Discuss Blue Economic System In Mebic 2021

Thu Oct 28 , 2021
Content Circularity Hole Report Potential Rp642 Trillion Gdp Uplift From Circular Financial System Biden Calls Us Financial System Strong Despite Disappointing Jobs Report Meski Baru, Berikut Hal Yang Harus Diketahui Dari Round Financial System Acting in a play, playing in an orchestra, or descending the Grand Canyon involve both energetic […]
Copyright All right reserved Theme: Default Mag by ThemeInWP