The numbers: The U.S. trade deficit narrowed 2% to $63.2 billion in November after a decline in imports in a potential lift to gross domestic product in the fourth quarter. The U.S. trade deficit in 2023 is likely to be the smallest in three years, making it a positive contributor to GDP, the official scorecard for the economy.
By contrast, record deficits in 2021 and 2002 acted as a big drag on GDP. Key details: Imports fell 1.9% in November to $316.9 billion. Imports remain well below their 2022 peak due to a shift in spending by U.S. consumers from goods to services such as leisure and recreation. U.S. exports, meanwhile, also fell 1.9% in November to a $253.7 billion. Yet they are still near an all-time high despite widespread economic weakness in foreign economies. The U.S. trade deficit averaged $62.9 billion from September to November, down almost 12% from $71.3 billion in the same three-month period of 2022. Big picture: The trade deficit probably won’t exert much if any nega …
Article Attribution | Read More at Article Source
By contrast, record deficits in 2021 and 2002 acted as a big drag on GDP. Key details: Imports fell 1.9% in November to $316.9 billion. Imports remain well below their 2022 peak due to a shift in spending by U.S. consumers from goods to services such as leisure and recreation. U.S. exports, meanwhile, also fell 1.9% in November to a $253.7 billion. Yet they are still near an all-time high despite widespread economic weakness in foreign economies. The U.S. trade deficit averaged $62.9 billion from September to November, down almost 12% from $71.3 billion in the same three-month period of 2022. Big picture: The trade deficit probably won’t exert much if any nega …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]