The trade deficit of the United States of America slipped in November due to a steady decline in cellphone and petroleum product imports. As economists lifted their growth estimates for the fourth quarter, the trade deficit came down in a first in the past six months.
On Wednesday, the US Department of Commerce reported on the consumer goods drop — an effect of the recent stockpiling as the trade war between China and the US tightened,
Some economists are of the view that this slowdown increased the chances of the new labor talk. The only silver lining is that it will ramp up the GDP in the fourth quarter.
In November, the trade deficit slipped 11.5% to $49.3 billion. Before November, it had risen for five straight months.
The government shutdown further affected the release of the data.
The trade deficit with China slid to $37.9 billion in November from $43.1 billion in October.
The total trade deficit has been on higher levels due to new Trump policies and tariffs.
The goods trade deficit, after adjusting for inflation, fell $7.5 billion to $80.8 billion in November. In the last month, imports of goods and services went down 2.9% to $259.2 billion. Consumer goods imports declined $4.3 billion.
Petroleum product imports shed $1.4 billion while crude oil imports dropped $0.7 billion. November crude oil price was the lowest since April, at $57.54 a barrel.
Get access to timely and accurate verbatim transcripts that are published within hours of the event
Most Popular
Netflix (NFLX) Q1 2024 profit tops expectations; adds 9.3Mln subscribers
Streaming giant Netflix, Inc. (NASDAQ: NFLX) Thursday reported a sharp increase in net profit for the first quarter of 2024. Revenues were up 15% year-over-year. Both numbers exceeded Wall Street's
PepsiCo (PEP) to report Q1 earnings next week. Here’s what to expect
PepsiCo, Inc. (NASDAQ: PEP) is preparing to report first-quarter results on April 23, before the opening bell. Of late, the food and beverage giant has been busy aligning its business
What to expect when Southwest Airlines (LUV) reports Q1 2024 earnings results
Shares of Southwest Airlines Co. (NYSE: LUV) were up 2% on Thursday. The stock has dropped 8% over the past one year. The airline is scheduled to report its first
Comments