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The economy grew at a 3.0 per cent pace in the April-June quarter. | Photo: pexels
The US trade deficit narrowed sharply in August as exports increased and imports fell, suggesting that trade could be a small drag on economic growth in the third quarter.
The trade gap contracted 10.8 per cent to $70.4 billion from a revised $78.9 billion in July, the Commerce Department’s Bureau of Economic Analysis said on Tuesday. Economists polled by Reuters had forecast the trade deficit would narrow to $70.6 billion from the previously reported $78.8 billion in July.
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Trade has subtracted from gross domestic product for two straight quarters. Growth estimates for the third quarter are currently as high as a 3.2 per cent annualized rate. The economy grew at a 3.0 per cent pace in the April-June quarter.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 08 2024 | 7:02 PM IST
