The U.S. goods trade deficit widened sharply in December as slowing global deman...
WASHINGTON - The U.S. goods trade deficit widened sharply in December as slowing global demand and a strong dollar weighed on exports, another sign that economic growth slowed in the fourth quarter.
The reports, which added to weak December data on retail sales and housing starts, could prompt economists to cut fourth-quarter GDP estimates. But some of the drag on growth from the goods trade gap and weak business spending on equipment could be offset by a strong increase in inventories in December.
Growth estimates for the fourth quarter are currently around a 2.0 percent annualized rate. The government will publish the fourth-quarter GDP report on Thursday. The economy grew at a 3.4 percent pace in the third quarter. Data for November was revised slightly up to show factory orders falling 0.5 percent instead of the previously reported 0.6 percent drop. Economists polled by Reuters had forecast factory orders rising 0.5 percent in December.
Orders for electrical equipment, appliances and components fell 0.3 percent after dropping 2.6 percent in November. Orders for transportation equipment rose 3.2 percent in December after increasing 3.1 percent in the prior month.
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