Posted 1/9/2024, 1:36:00 PM
U.S. Trade Deficit Narrowed Slightly in November As Imports Fell, But Economic Outlook Remains Uncertain
- U.S. trade deficit narrowed 2% to $63.2B in November as imports fell 1.9% to $316.9B
- Declining imports could signal consumers are cutting back spending, which could slow the economy
- Exports also fell 1.9% in November to $253.7B, but remain near record highs despite weakness abroad
- Trade deficit unlikely to negatively impact 4Q GDP growth, which forecasts show could be 2.5%
- Outlook for 2023 trade uncertain as U.S. economy avoids recession but growth slows and foreign economies do worse