Cargo containers sit idle at the Port of Los Angeles as a back-log of over 30 container ships sit anchored outside the Port in Los Angeles, California, February 18, 2015. (Photo: Reuters)
The Census Bureau said Thursday the U.S. trade in goods deficit shrank by $62.9 billion in August, down $0.9 billion from $63.9 billion in July. Exports of goods for August were $128.9 billion, up roughly $0.3 billion from July, while imports were down $0.6 billion in August to $191.8 billion.
The report will be a net positive for third quarter (3Q) gross domestic product (GDP), which comes on the same day the final reading of second quarter (2Q) GDP came in at a solid 3.1%.
Wholesale inventories adjusted for seasonal variations but not for price changes were estimated at an end-of-month level of $608.4 billion in August, up 1.0% (±0.2%) from July 2017. They’re up 4.6% (±0.7%) from August 2016 and the June 2017 to July 2017 percentage change was unrevised at up 0.6% (±0.4%).
Retail inventories adjusted for seasonal variations but not for price changes were estimated at an end-of-month level of $625.0 billion, up 0.7% (±0.2%) from July 2017. They’re up 3.7% (±0.5%) from August 2016 and the June 2017 to July 2017 percentage change was revised from down 0.1% (±0.2%)* to virtually unchanged (±0.2%)*.
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