Connect With PPD
Follow Us:
Sections: Economy

U.S. Trade Deficit Shrinks by Largest Margin in 6 Years After 6-Year High Expansion

Stacked shipping containers in U.S. trade port. (Photo: Reuters)

The Commerce Department on Wednesday said the U.S. trade deficit shrunk by 19.2 percent in April, the sharpest drop in more than six years. The West Coast port strike, which was resolved in February, caused big swings in the trade gap the first several months of the year.

The latest report sent equities even higher on Wall Street Wednesday. If the data holds up to scrutiny and future revisions, it will no doubt be a boon to U.S. economic growth, or second quarter gross domestic product (GDP). The trade deficit increased to its highest level in more than six years in March, slicing off a percentage point from first quarter GDP, which in at a negative 0.7 percent.

Still, it is feared the contraction will continue, technically sending the economy into another recession. Consequently, polling surveys find that the American people still believe the U.S. economy is in a recession, and pluralities believe it never truly came out of one since the Great Recession.

 

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

4 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

4 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.