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Post by
mouserman on Jul 24, 2024 9:48am
US trade deficit numbers
From the TD trading desk:
The numbers: The U.S. trade deficit in goods narrowed 2.5% to $96.8 billion in June, according to the Commerce Department’s advanced estimate released Wednesday.
Economists polled by Econoday were looking for the deficit to narrow to a $98 billion deficit from last month’s $99.4 billion gap.
The deficit had widened for five straight months prior to June, widening from $84.3 billion last August.
The report also showed a 0.2% gain in wholesale inventories in June. And advanced retail inventories were up 0.7%. Excluding autos, retail inventories were up 0.2%.
Key details: Exports rose $4.3 billion to $172.3 billion in June, led by industrial supplies and capital goods.
Imports were up $1.7 billion to $269.2 billion, with gains in capital goods and consumer goods.
Big picture: Trade is expected to be a meaningful drag on second-quarter GDP growth, which will be released on Thursday. Economists are expecting that growth accelerated to a 2.1% annual rate, although this morning’s trade data could move forecasts.
Trade is expected to be less of an anchor on growth in coming quarters as U.S. consumers cool their appetite for imports.
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