U.S. trade deficit drops to more than three-year low GlobeBusiness
. While the shrinking trade bill should provide a boost to gross domestic product in the fourth quarter, falling consumer goods imports also suggest a cooling in domestic demand.Data for October was revised to show the trade gap declining to $46.9 billion instead of the previously reported $47.2 billion. Economists polled by Reuters had forecast the trade gap narrowing to $43.8 billion in November.
Though Washington and Beijing in December hammered out a “Phase 1” trade deal, considerable confusion remains about the details of the agreement. President Donald Trump said last Tuesday that the partial deal would be signed on Jan. 15 at the White House. The Atlanta Federal Reserve is forecasting GDP increasing at a 2.3 per cent annualized rate in the fourth quarter. The economy grew at a 2.1 per cent pace in the third quarter.In November, goods imports dropped 1.4 per cent to $201.1 billion, declining for a third straight month. Consumer goods imports fell $1.0 billion, pulled down by declines in cellphones and other household items, and artwork and other collectibles.
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