Tuesday’s data leave trade on track to have little or no impact on U.S. gross domestic product growth early in the first quarter
The U.S. trade deficit in goods increased moderately in January, with both imports and exports rising solidly, leaving trade on track to have little or no impact on gross domestic product growth early in the first quarter.
“Trade will probably be starting out the first quarter on track to make a roughly neutral contribution ,” said Lou Crandall, chief economist at Wrightson ICAP. Exports of goods shot up 4.2 per cent to $173.8-billion, boosted by a 14.8 per cent jump in consumer goods. Motor vehicle exports accelerated 8.2 per cent. Exports of capital goods and food also increased strongly. Shipments of industrial supplies, however, rose moderately and exports of other goods fell.
There are, however, signs that inventories could be a drag on GDP growth this quarter as businesses either liquidate unwanted goods or hold back placing large orders for merchandise amid fears of a recession this year.
France Dernières Nouvelles, France Actualités
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