Declining imports could be sign of weaker consumer spending
The U.S. trade deficit shrank by 10% in August to a nearly three-year low of $58.3 billion, reflecting a change in consumer spending habits and possibly some developing weakness in the economy.
Whatever the cause, smaller deficits add to gross domestic product, the official scorecard for the U.S. economy. The declining trade gap could give a boost to third-quarter GDP, which is on track to increase by 4% or more. The U.S. imported fewer consumer goods such as cell phones and as well as computer chips. Part of the drop stems from a smaller inflow of new iPhones after the initial sales rush.
Exports rose 1.6% last month to $256 billion, keeping them close to a record high. The U.S. shipped more oil, pharmaceutical drugs and computer-related equipment. Spending by tourists also increasedBig picture: The deficit is on track in 2023 to be the lowest in four years, but it could be a double-edged sword.
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