Economy

U.S. Trade Deficit Widened More than Expected in October

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 U.S. trade deficit widened more than expected in October, $rising by 4.2 billion to $68.3 billion from $64.1 billion in September. The median economic forecast was calling for a gain to $64.8 billion.

Exports of goods for October were $129.1 billion, $1.3 billion less than September exports. Imports of goods for October were $197.4 billion, $2.9 billion more than September imports. Export strength came from industrial production of capital goods and consumer goods.

Advance wholesale inventories for October, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $605.7 billion, down 0.4% (±0.4%)* from September 2017, and were up 4.0% (±0.5%) from October 2016.

The August 2017 to September 2017 percentage change was revised from up 0.3% (±0.4%)* to up 0.1% (±0.4%)*.

Advance retail inventories for October, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $618.0 billion, down 0.1% (±0.2%)* from September 2017, and were up 2.6% (±0.5%) from October 2016. The August 2017 to September 2017 percentage change was unrevised at down 0.9 percent (±0.2%).

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Richard D. Baris

Rich, the People's Pundit, is the Data Journalism Editor at PPD and Director of the PPD Election Projection Model. He is also the Director of Big Data Poll, and author of "Our Virtuous Republic: The Forgotten Clause in the American Social Contract."