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2018-07-09 15:10:00

U.S. DEFICIT DOWN $3 BLN TO $43.1 BLN

U.S. DEFICIT DOWN $3 BLN TO $43.1 BLN

U.S. BEA - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $43.1 billion in May, down $3.0 billion from $46.1 billion in April, revised.

Exports, Imports, and Balance 

May exports were $215.3 billion, $4.1 billion more than April exports. May imports were $258.4 billion, $1.1 billion more than April imports.

The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7 billion.

Year-to-date, the goods and services deficit increased $17.9 billion, or 7.9 percent, from the same period in 2017. Exports increased $84.5 billion or 8.8 percent. Imports increased $102.4 billion or 8.6 percent.

Three-Month Moving Averages

The average goods and services deficit decreased $4.2 billion to $45.4 billion for the three months ending in May.

  • Average exports increased $3.1 billion to $212.4 billion in May.
  • Average imports decreased $1.1 billion to $257.9 billion in May.

Year-over-year, the average goods and services deficit increased $0.2 billion from the three months ending in May 2017.

  • Average exports increased $19.9 billion from May 2017.
  • Average imports increased $20.1 billion from May 2017.

Exports

Exports of goods increased $3.7 billion to $144.9 billion in May.

Exports of goods on a Census basis increased $3.6 billion.

  •  Capital goods increased $2.0 billion.
    • Civilian aircraft increased $1.9 billion.
  • Foods, feeds, and beverages increased $1.7 billion.
    • Soybeans increased $2.0 billion.
  • Other goods increased $0.9 billion.
  • Industrial supplies and materials decreased $1.3 billion.
    • Other petroleum products decreased $0.9 billion.

Net balance of payments adjustments increased $0.1 billion.

Exports of services increased $0.4 billion to $70.4 billion in May.

  • Transport increased $0.1 billion.
  • Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
  • Financial services increased $0.1 billion.

Imports 

Imports of goods increased $1.1 billion to $210.7 billion in May.

Imports of goods on a Census basis increased $1.0 billion.

  • Capital goods increased $2.1 billion.
    • Telecommunications equipment increased $0.6 billion.
    • Computers increased $0.4 billion.
    • Civilian aircraft parts increased $0.3 billion.
    • Civilian aircraft engines increased $0.2 billion.
  • Consumer goods decreased $0.5 billion.
    • Pharmaceutical preparations decreased $0.6 billion.
  • Other goods decreased $0.4 billion.

Net balance of payments adjustments increased $0.2 billion.

Imports of services decreased $0.1 billion to $47.7 billion in May.

  • Transport decreased $0.1 billion.
  • Travel (for all purposes including education) decreased $0.1 billion.
  • Other business services increased $0.1 billion.

Goods by Selected Countries and Areas: Monthly – Census Basis

The May figures show surpluses, in billions of dollars, with South and Central America ($3.6), Hong Kong ($2.8), Singapore ($0.9), Brazil ($0.8), United Kingdom ($0.6), and Saudi Arabia (less than $0.1). Deficits were recorded, in billions of dollars, with China ($32.0), European Union ($11.9), Japan ($6.0), Mexico ($5.8), Germany ($5.7), Italy ($2.6), Canada ($2.2), India ($1.9), Taiwan ($1.4), South Korea ($1.4), France ($1.2), and OPEC ($0.2).

  • The deficit with members of OPEC decreased $3.1 billion to $0.2 billion in May. Exports increased $1.3 billion to $5.8 billion and imports decreased $1.9 billion to $6.0 billion.
  • The deficit with the European Union decreased $1.3 billion to $11.9 billion in May. Exports increased $0.2 billion to $27.5 billion and imports decreased $1.2 billion to $39.3 billion. 
  • The deficit with China increased $1.2 billion to $32.0 billion in May. Exports increased $0.6 billion to $11.7 billion and imports increased $1.8 billion to $43.7 billion.

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Earlier:

 N.America
2018, July, 4, 12:10:00

U.S. ECONOMY UP AGAIN

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is near levels not seen in 50 years, and growth is set to accelerate, aided by a fiscal stimulus, a recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment. The balance of evidence suggests that the U.S. economy is beyond full employment.

 N.America
2018, June, 29, 10:05:00

U.S. GDP UP OF 2%

U.S. BEA - Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the first quarter of 2018 , according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.9 percent.

 N.America
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

 N.America
2018, June, 18, 14:00:00

U.S. IS BETTER

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.

 N.America
2018, June, 18, 13:55:00

U.S. ECONOMY UP

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.

 N.America
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

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.

 N.America
2018, June, 15, 10:30:00

U.S. FEDERAL FUNDS RATE 2%

FRB - In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-3/4 to 2 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.

 

 

Tags: USA, ECONOMY, TRADE