Updated: 06-Feb-19 09:11 ET
|Updated: 06-Feb-19 09:11 ET
- The trade deficit narrowed to $49.3 billion in November (Briefing.com consensus -$55.5) from a revised $55.7 billion (from -$55.5 billion) in November.
- Exports of $209.9 billion were $1.3 billion less than October exports due largely to a $1.4 billion decrease in industrial supplies and materials.
- Imports of $259.2 billion were $7.7 billion less than October imports due largely to a $4.3 billion decrease in imports of consumer goods, which included a $2.3 billion decrease in cell phones and other household goods.
- The real trade deficit was $80.8 billion versus $88.3 billion in October. That left the fourth quarter average 0.9% below the third quarter average, which should be a positive input for Q4 GDP forecasts.
- The deficit with China decreased $2.8 billion to $35.4 billion in November.
- The trade deficit narrowed, because imports fell more than exports, yet the key takeaway from the report is that both exports and imports were down in November from the prior month, which fits with a slower growth narrative.