US trade deficit hits 1-1/2-year low; weekly jobless claims fall

WASHINGTON: 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 fall in imports of consumer goods hinted at a slowdown in domestic demand.

But the decreases in imports and exports suggested the White House's"America First" agenda, marked by a 17-month trade war with China, was reducing trade flows, which in the long run is detrimental to domestic and global growth. While Washington and Beijing are working on a"phase one" trade deal, the United States has ratcheted up tensions with other trade partners including Brazil, Argentina and France.

There are, however, no signs the trade war is significantly impacting the labor market. In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Nov. 30, the lowest level since mid-April.

But the pace of hiring has been more than the roughly 100,000 jobs needed per month to keep up with growth in the working-age population. The unemployment rate is forecast holding at 3.6per cent in November.

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