The U.S. trade deficit in goods widened 8.8% to $90.3 billion in December, according to the Commerce Department’s advanced estimate. Economists polled by Econoday were looking for the deficit to widen to $88.5 billion.
The numbers: The U.S. trade deficit in goods widened 8.8% to $90.3 billion in December, according to the Commerce Department’s advanced estimate released Thursday.The advanced trade data is expressed in nominal terms, meaning it is not adjusted for inflation.Key details: Imports of goods rose to $257.1 billion in December led by autos and consumer goods.The report also showed a 0.1% gain in wholesale inventories. And advanced retail inventories were up 0.5%.
Big picture: The government estimated that the trade sector made a modest 0.6 percentage point contribution to fourth quarter growth after a sharp gain of 2.9 percentage points in the prior quarter. Market reaction: Stocks DJIA, -0.11% SPX, +0.18% were set to open higher on Thursday. The yield on the 10-year Treasury note TMUBMUSD10Y, 3.503% rose to 3.48%.
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Department of Transportation investigating December flight cancellations at SouthwestThe federal government is investigating whether Southwest Airlines knowingly scheduling more flights than it could handle in December, when it ended up canceling nearly 17,000 flights.
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