U.S. trade deficit in goods widens in November for third straight month
The numbers: The U.S. trade deficit in goods widened 0.8% to $90.3 billion in November, according to the Commerce Department’s advance estimate, released Thursday.
Economists polled by Econoday were looking for the deficit to widen to $89.6 billion.
The report also showed a 0.2% decline in wholesale inventories in November. Advance retail inventories slipped 0.1%. Excluding cars, retail inventories were down a sharp 0.8%.
Key details: Both exports and imports declined in November.
Exports of goods dropped 3.6% to $165.1 billion in November. Imports fell 2.1% to $255.4 billion.
Big picture: Economists expect slowing in both exports and imports to continue given slow growth in major global trading partners. Trade is expected to be a modest drag on fourth-quarter gross domestic product.
Market reaction: Stocks
DJIA
SPX
were set to open flat on Thursday. The yield on the 10-year Treasury note
BX:TMUBMUSD10Y
rose slightly to 3.83%.
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