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US trade deficit widens as imports at 1-year high
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The US trade deficit widened more than expected in September as imports rose to their highest level in almost a year, which could probably see third-quarter growth estimates trimmed.
Other data yesterday suggested the labor market continued to gradually improve in November. New applications for jobless benefits fell a bit last week, but the decline in claims for the week ended on November 2 was less than previously reported.
The trade gap widened 8 percent to US$41.8 billion, the largest since May, the Commerce Department said.
Economists polled by Reuters had expected the shortfall on the trade balance to widen a bit to US$39 billion in September.
When adjusted for inflation, the trade gap widened to US$50.4 billion, also the largest since May, from US$47.4 billion the prior month. This measure goes into the calculation of gross domestic product.
The rise in the so-called real trade gap in September suggested the government will lower its initial third-quarter GDP estimate.
Trade contributed 0.31 percentage point to the economy’s 2.8 percent annual growth pace in the July-September quarter.
“Third-quarter GDP growth will need to be revised lower,” said Paul Ashworth, chief US economist at Capital Economics in Toronto.
The three-month moving average of the trade deficit, which irons out month-to-month volatility, rose to US$39.7 billion in the three months to September from US$37.3 billion in the prior period.
In a separate report, the Labor Department said initial claims for state jobless benefits fell 2,000 to a seasonally adjusted 339,000. Claims for the prior week were revised to show 5,000 more applications received than previously reported.
Economists polled by Reuters had expected first-time applications to fall to 330,000 last week.
The four-week moving average for new claims, which irons out week-to-week volatility, dropped 5,750 to 344,000.
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