U.S. DEFICIT UP $17.6 BLN
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $48.3 billion in August, up $6.5 billion from $41.8 billion in July, revised. August exports were $185.1 billion, $3.7 billion less than July exports. August imports were $233.4 billion, $2.8 billion more than July imports.
The August increase in the goods and services deficit reflected an increase in the goods deficit of $6.6 billion to $67.9 billion and an increase in the services surplus of $0.1 billion to $19.6 billion.
Year-to-date, the goods and services deficit increased $17.6 billion, or 5.2 percent, from the same period in 2014. Exports decreased $58.9 billion or 3.8 percent. Imports decreased $41.3 billion or 2.2 percent.
The average goods and services deficit increased $1.9 billion to $45.1 billion for the three months ending in August.
- Average exports of goods and services decreased $0.9 billion to $187.2 billion in August.
- Average imports of goods and services increased $1.0 billion to $232.3 billion in August.
Year-over-year, the average goods and services deficit increased $3.4 billion from the three months ending in August 2014.
- Average exports of goods and services decreased $9.4 billion from August 2014.
- Average imports of goods and services decreased $6.0 billion from August 2014.
Exports of goods decreased $4.1 billion to $124.5 billion in August.
Exports of goods on a Census basis decreased $4.0 billion. Industrial supplies and materials decreased $2.2 billion.
- Fuel oil decreased $0.6 billion.
- Plastic materials decreased $0.2 billion.
- Crude oil decreased $0.2 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services increased $0.4 billion to $60.6 billion in August.
- Financial services increased $0.1 billion.
- Travel (for all purposes including education) increased $0.1 billion.
Imports of goods increased $2.5 billion to $192.4 billion in August. Imports of goods on a Census basis increased $3.3 billion.
Consumer goods increased $4.0 billion.
- Cell phones and other household goods increased $2.1 billion.
- Toys, games and sporting goods increased $0.3 billion.
Net balance of payments adjustments decreased $0.8 billion.
Imports of services increased $0.3 billion to $41.1 billion in August.
- Travel (for all purposes including education) increased $0.2 billion.
- Transport, which includes freight and port services and passenger fares, increased $0.1 billion.
The real goods deficit increased $7.3 billion to $63.4 billion in August.
- Real exports of goods decreased $1.9 billion to $119.2 billion.
- Real imports of goods increased $5.4 billion to $182.7 billion.
Revisions to July exports
- Exports of goods were revised upward $0.4 billion.
- Exports of services were revised downward $0.1 billion.
Revisions to July imports
- Imports of goods were revised upward $0.2 billion.
- Imports of services were revised upward less than $0.1 billion.
|June, 18, 14:30:00|
|June, 18, 14:25:00|
|June, 18, 14:20:00|
|June, 18, 14:15:00|
|June, 18, 14:10:00|
|June, 18, 14:05:00|
IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.
IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.
U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.
IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.