- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Tom Moeller March 7, 2017
The U.S. trade deficit in goods and services widened during January to the largest level since March 2012. The increase to a $48.5 billion deficit from $44.3 billion in December was led by a broad-based 2.3% increase in imports; exports gained 0.6%. Expectations had been for a $47.5 billion deficit in the Action Economics Forecast Survey.
The increase in imports was paced by an 18.4% rise (48.1% y/y) in petroleum imports. A 19.0% gain in energy-related imports reflected a 15.2% rise (57.6% y/y) in the value of crude petroleum imports. The quantity of crude petroleum imports rose 14.2% y/y. Crude petroleum prices rose 37.1% y/y to an average $43.94 per barrel.
The value of goods imports increased 2.5% (9.1% y/y) following a 2.0% jump. It was the largest monthly increase since March 2015. Nonauto consumer goods imports surged 4.8% in January (7.9% y/y) following little change during the prior two months. Imports of motor vehicles & parts increased 2.9% (4.1% y/y) following a 5.5% jump. Imports of industrial supplies & materials gained 2.4% (21.2% y/y) led by the gain in the value of petroleum imports. Capital goods imports rose 1.3% (6.0% y/y), but foods, feeds & beverage imports eased 0.5% (+4.9% y/y).
Services imports improved 0.5% (4.5% y/y). The value of charges for use of intellectual property rose 0.8% (8.5% y/y). Financial services imports rose 0.2% (9.8% y/y), but travel imports eased 0.1% (+5.4% y/y).
Goods exports gained 0.3% in value (9.0% y/y) after a 4.0% strengthening. Auto & parts exports jumped 10.8% (9.9% y/y), while industrial supplies & materials exports gained 5.8% (10.7% y/y). Foods, feeds & beverage exports increased 5.6% (22.2% y/y). To the downside, capital goods exports declined 4.2% (+1.1 % y/y) and nonauto consumer goods exports eased 0.1% (+2.9% y/y).
Services exports remained steady (3.7% y/y). The value of charges for the use of intellectual property improved 0.1% (0.7% y/y). Financial services exports eased 0.6% (+7.8% y/y) while travel exports fell 0.5% (+1.6% y/y).
By country, the trade deficit with China deepened to $31.3 billion from $28.9 billion last January. Exports to China declined 13.4% (+22.6% y/y) while imports gained 5.1% (11.4% y/y). The trade deficit with Japan widened to $5.5 billion from $4.9 billion 12 months earlier. Exports to Japan declined 11.2% y/y and imports fell 13.9% y/y. The trade deficit with the European Union deteriorated to $11.5 billion versus $8.8 billion one year earlier. Exports rose 4.1% y/y while imports increased 12.1% y/y. These country data are not seasonally adjusted.
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.
|Foreign Trade in Goods & Services (Current Dollars)||Jan||Dec||Nov||Y/Y||2016||2015||2014|
|U.S. Trade Deficit||$48.5 bil.||$44.3 bil.||$45.5 bil.||$43.4 bil.
|$500.6 bil.||$500.4 bil.||$490.2 bil.|
|Exports of Goods & Services (% Chg)||0.6||2.7||-0.2||7.4||-2.2||-4.9||3.6|
|Imports of Goods & Services (% Chg)||2.3||1.6||1.1||8.3||-1.8||-3.7||4.0|
|Petroleum (% Chg)||18.4||-0.4||7.7||48.1||-19.5||-45.5||-9.6|
|Nonpetroleum Goods (% Chg)||1.3||2.2||0.9||6.5||-1.2||2.2||6.5|