- China: Industrial Profits (Mar); Philippines: Tourist Arrivals (Feb); Korea: GDP (Q1)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts and Statistical Balance Sheet (Mar); Australia: Import and Export Price Indexes (Q1)
- Japan: Input Output Prices, International Trade, Lease Contracts (Mar), First 10 Days Trade (Apr)
- France: INSEE Household Survey (Apr), Registered Unemployed & Job
- more updates...
Economy in Brief
U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
Regular gasoline prices of $2.45 per gallon last week (13.3% y/y)...
Japan's METI Indexes Show Ongoing Gains
The services sector is assessed by the METI indexes where it is named the 'tertiary sector.' That sector index rose to 104.1 in February...
U.S. New Home Sales & Prices Strengthen
Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000...
U.S. Consumer Confidence Backpedals
The Conference Board Consumer Confidence Index fell 3.7% during April (+27.0% y/y) to 120.3...
U.S. FHFA House Price Index Regains Strength
The FHFA U.S. house prices increased 0.8% during February (6.5% y/y)...
French Manufacturing and Service Sectors Weaken But Stay on Trend or Hold Recent Gains
The French manufacturing sector trend index is down to 1 in April from 3 in March...
by Tom Moeller July 6, 2016
The U.S. trade deficit in goods and services widened to $41.1 billion in May from an unrevised $37.4 billion in April. The Action Economics Forecast Survey had expected a $40.0 billion deficit. The latest figure was the deepest in three months and occurred as exports eased 0.2% (-4.2% y/y) following a 1.4% rise, and imports increased 1.6% (-3.1% y/y) after a 2.0% jump.
The decline in exports reflected a 0.3% dip (-6.2% y/y) in goods exports. It was led by a 2.7% drop (-1.0% y/y) in auto & parts exports and a 1.9% decline (-4.5% y/y) in capital goods exports. Nonauto consumer goods exports followed with a 1.7% shortfall (-2.6% y/y). Exports of industrial supplies & materials improved 0.1% (-13.4% y/y) and foods, feeds & beverage exports gained 5.5% (-6.8% y/y). Exports of services eased 0.1% (-0.3% y/y) led by a 1.1% decline (+1.7% y/y) in travel exports and a 0.4% drop (-4.8% y/y) in charges for the use of intellectual property.
Imports of goods increased 1.9% (-4.1% y/y) as industrial supplies & materials imports surged 6.9% (-12.0% y/y). The value of energy-related petroleum product imports led the increase and jumped 11.2% (-28.3% y/y) as the per barrel cost of crude oil surged to $34.2. The quantity of energy-related product imports declined, however, by 2.5% (+7.4% y/y). Nonauto consumer goods imports jumped 2.7% (-2.0% y/y) while auto imports gained 0.9% (-1.1% y/y). Imports of foods, feed & beverages rose 0.7% (2.8% y/y, but capital goods imports declined 1.7% (-3.8% y/y). Services imports were unchanged ( 2.1% y/y). Travel imports also were unchanged (8.4% y/y) and charges for the use of intellectual property eased 0.3% (+0.3% y/y).
By country, the trade deficit with mainland China deepened to $29.0 billion. Exports declined 1.7% (-2.8% y/y) while imports rose 13.8% (-3.9% y/y). Exports to Japan increased 11.5% (-3.7% y/y) but imports declined 9.3% (-7.2% y/y). The trade deficit with the European Union increased to $13.4 billion. Exports fell 4.2% (-5.0% y/y) and imports gained 1.6% (-2.0% y/y).
The international trade data can be found in Haver's USECON database. Detailed figures are available in the USINT database. The expectations figures are from the Action Economics Forecast Survey, which is carried in the AS1REPNA.
The minutes to the latest FOMC meeting can be found here.
|Foreign Trade in Goods & Services (Current Dollars)||May||Apr||Mar||Y/Y||2015||2014||2013|
|U.S. Trade Deficit||$41.1 bil.||$37.4 bil.||$35.5 bil.||$40.2 bil.
|$500.4 bil.||$490.2 bil.||$461.9 bil.|
|Exports of Goods & Services (% Chg)||-0.2||1.4||-1.1||-4.2||-4.9||3.6||3.4|
|Imports of Goods & Services (% Chg)||1.6||2.0||-4.6||-3.1||-3.7||4.0||0.0|
|Petroleum (% Chg)||8.4||5.0||-3.9||-28.7||-45.5||-9.6||-11.0|
|Nonpetroleum (% Chg)||1.5||2.2||-5.7||-1.9||2.2||6.5||2.0|