The U.S. trade deficit in goods widened in September amid declining exports and rising imports, but that will probably not change expectations that trade led an anticipated rebound in economic growth in the third quarter.
The goods trade deficit increased 5.7% to $92.2 billion last month, the Commerce Department said on Wednesday. Exports of goods fell $2.8 billion to $177.6 billion. Goods imports rose $2.2 billion to $269.8 billion.
The data was published ahead of the release on Thursday of the government’s advance estimate of third-quarter gross domestic product. According to a Reuters survey of economists, GDP likely rebounded at a 2.4% annualized rate last quarter after declining at a 0.6% pace in the April-June quarter.
The economy contracted in the first half of 2022, but is likely not in recession, with more than 2.5 million jobs created during that period.
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