Source: Economics Group of Wells Fargo Bank, N.A.Summary The U.S. international trade deficit widened for the first time in six months in September. Import growth outstripped exports during the month, a reversal in recent patterns that we expect to continue as imports rebound and weaker growth abroad and a stronger dollar weigh on demand for U.S. goods and services. Stop Your Narrowing
- After narrowing for five straight months, the U.S. trade deficit widened to $73.3 billion as import growth (+$4.8B) outstripped exports (+$2.8B) in September.
- Revisions to August’s data, which flipped export growth positive and shrunk the deficit further to $65.6 billion, made the monthly widening larger in September. The United States is now running the largest trade deficit in four months, consistent with deficit levels seen a year-ago (chart).