WASHINGTON, Oct 28 (Reuters) – The US trade deficit in goods unexpectedly widened in September as imports increased, suggesting that trade again subtracted from economic growth in the third quarter.
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.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama )
Comments