The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in Octo...
WASHINGTON - The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, suggesting trade could contribute to economic growth in the fourth quarter, though a broad decline in imports hinted at a slowdown in domestic demand.
The Commerce Department said the trade deficit tumbled 7.6% to $47.2 billion, the smallest since May 2018, as both imports and exports of goods declined. It was the second straight monthly drop in the trade bill and the percent drop was the biggest since January. While Washington and Beijing are working on a “phase one” trade deal, the United States has ratcheted up tensions with other trade partners including Brazil, Argentina and France.
In a second report on Thursday, the Commerce Department said factory orders increased 0.3% in October, but shipments were unchanged and unfilled orders barely rose, indicating the manufacturing downturn could persist for a while. Employment gains have slowed this year, averaging 167,000 per month compared with an average monthly gain of 223,000 in 2018, because of ebbing demand and a shortage of workers. But the pace of hiring has been more than the roughly 100,000 jobs needed per month to keep up with growth in the working-age population.
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