According to the Commerce Department's Census Bureau, the $2.8 billion shortfall surpassed the $130.2 billion deficit forecast by economists polled by Reuters. The wider gap was driven by an increase in goods imports, which rose $8.1 billion to $344.1 billion, outpacing a $5.3 billion increase in goods exports to $209.2 billion. Trade has failed to contribute to gross domestic product growth for three consecutive quarters, largely because an artificial intelligence investment boom continues to pull in capital good…
Key points
According to the Commerce Department's Census Bureau, the $2.8 billion shortfall surpasse…: According to the Commerce Department's Census Bureau, the $2.8 billion shortfall surpassed the $130.2 billion deficit forecast by economists polled by Reuters.
The wider gap was driven by an increase in goods imports, which rose $8.1 billion to $344…: The wider gap was driven by an increase in goods imports, which rose $8.1 billion to $344.1 billion, outpacing a $5.3 billion increase in goods exports to $209.2 billion.
Trade has failed to contribute to gross domestic product growth for three consecutive qua…: Trade has failed to contribute to gross domestic product growth for three consecutive quarters, largely because an artificial intelligence investment boom continues to pull in capital goods imports.
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The goods trade shortfall increased 2.1%, or $2.8 billion to $134.9 billion last month, the Commerce Department's Census Bureau said on Wednesday. Economists polled by Reuters had forecast the goods deficit at $130.2 billion.
Trade has not contributed to gross domestic product growth for three straight quarters as an AI investment boom pulls in imports, mostly capital goods.
Goods imports rose $8.1 billion to $344.1 billion last month. Exports of goods climbed $5.3 billion to $209.2 billion.
The government is scheduled to publish its advance estimate of third-quarter GDP on Thursday. A Reuters survey of economists forecast GDP increasing at a 3.2% annualized rate, with AI investment and consumer spending expected to be the key drivers. The economy grew at a 2.2% pace in the second quarter.
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