WASHINGTON: The United States' trade deficit in goods narrowed sharply in September and inventories at retailers surged, sealing expectations for record economic growth in the third quarter after the worst performance in at least 73 years.
The government is scheduled to publish its advance GDP growth estimate for the third quarter on Thursday, five days ahead of the U.S. presidential election next Tuesday. The goods trade deficit decreased 4.5per cent to US$79.4 billion last month. Exports of goods increased 2.7per cent to US$122 billion, led by a surge in shipments of foods, feeds and beverages. There were also increases in exports of motor vehicles, consumer and capital goods. Exports of industrial supplies fell.Imports fell 0.2per cent to US$201.4 billion last month, pulled down imports of industrial supplies, consumer goods and other goods.
The trade and retail inventory data put a upside risk to the third-quarter GDP growth estimate. According to a Reuters survey of economists, the economy likely grew at a 31per cent annualized rate in the July-September quarter.
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