Economic Report: U.S. trade in goods widens in July

by | Aug 30, 2023 | Stock Market

The numbers: The U.S. trade deficit in goods widened 2.6% to $91.2 billion in July, according to the Commerce Department’s advanced estimate released Wednesday. Economists polled by Econoday were looking for the deficit to rise to $90.8 billion deficit. Key details: Exports of goods increased $2.4 billion to $164.8 in July. Imports rose $4.7 billion to $256 billion.

The report also showed a 0.1% decline in wholesale inventories. And advanced retail inventories were up 0.3%. Excluding autos, retail inventories were up 0.1%.  Big picture: Trade data has been volatile this year while the underlying trend has been soft. Economists think that weak growth overseas might dampen U.S. economic growth in coming quarters. Market reaction: Stocks

were set to open higher on Wednesday. The yield on the 10-year Treasury note
fell to 4.12%.

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