U.S. trade deficit shrinks sharply; labor market tight


(Worthy News) – The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, suggesting trade could contribute to economic growth in the fourth quarter, though a broad decline in imports hinted at a slowdown in domestic demand.

Still, consumer spending is likely to remain supported by a strong labor market. Other data on Thursday showed the number of Americans filing claims for unemployment benefits unexpectedly fell last week, hitting their lowest level in seven months.

The reports countered data this week showing manufacturing activity contracting for a fourth straight month in November, a slowdown in growth in the services sector as well as a drop in construction spending in October. The latest data suggested the economy was growing at a moderate pace rather than stall speed. [ Source: Reuters (Read More…) ]

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