What is a decrease in the trade deficit and what does it mean for U.S. Jobs Numbers?
Businesses involved in international trade were pretty happy recently when the Commerce Department announced that the total July exports of $198.0 billion and imports of $238.6 billion resulted in a goods and services deficit of $40.5 billion, down from the $40.8 billion in June. More specifically, July imports were $1.6 billion more than June imports of $237.0 billion. This is the lowest deficit since January. Overall, the Commerce Department has reported that the growth in exports has steadily outpaced the growth in imports during the month of July, which has resulted in the narrower deficit.