U.S. trade deficit fell to $70.4bn, a five-month low, due to reduced oil and vehicle imports, possibly boosting Q3 GDP growth.

In August, the U.S. trade deficit fell by 11% to $70.4 billion, a five-month low, largely due to decreased imports of oil and new vehicles. This reduction may boost GDP growth for the third quarter, which is projected at 3.2%. The deficit had previously subtracted from GDP in the two preceding quarters. Following this news, stock indices, including the Dow Jones and S&P 500, were anticipated to open higher.

October 08, 2024
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