The U.S. goods trade deficit widened sharply in December as slowing global deman...
Shipping containers are stacked on a ship docked at Yusen Terminals on Terminal Island at the Port of Los Angeles in Los Angeles, California, U.S., January 30, 2019. REUTERS/Mike Blake
The Commerce Department said on Wednesday the goods trade gap jumped 12.8 percent to $79.5 billion in December, also with a boost from an increase in imports. Exports declined 2.8 percent and imports rose 2.4 percent in December. The trade data added to weak December reports on retail sales, housing starts and business spending plans on equipment. It could prompt economists to cut fourth-quarter GDP estimates, 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.
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