Narrowing trade deficit in Feb leaves US GDP on course to a 2.5-3.0% annualised rise in Q1: Capital Economics
Quotes from Capital Economics:- The narrowing in the international trade deficit in February, to $41.7bn from $45.6bn in January (consensus $41.5bn) leaves GDP on course to rise by between 2.5% and 3.0% annualised in the…
- The narrowing in the international trade deficit in February, to $41.7bn from $45.6bn in January (consensus $41.5bn) leaves GDP on course to rise by between 2.5% and 3.0% annualised in the first quarter.
- The decline was largely due to a fall in the value of oil imported triggered by a drop in both the price and the volume of oil imports. But the real trade deficit also narrowed, to $53.6bn from $54.0bn.
- This reflected the 2.0% m/m fall in real exports and 1.6% m/m fall in real imports, both due to the disruption caused by the West Coast labour dispute. Real exports and imports will rebound in the coming months.
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