You Got to Ac-centuate the Positive, E-liminate the Negative
October 11, 2007
Trade Deficit Narrowed in August
By MICHAEL M. GRYNBAUM
The trade deficit narrowed in August to its lowest level since January as a weaker dollar bolstered export sales to record levels and the cost of non-energy imports dipped, the government reported today.
The gap between what Americans import and export shrank 2.4 percent in August, to $57.6 billion, beating analysts’ expectations, the Commerce Department said. The July deficit was revised lower, to $59 billion, a drop of about $250 million.
“Short term, it’s good news,” said Gregory Miller, the chief economist at Suntrust Banks. “We have an improving trade deficit, and exports continue to provide underlying strength for economic growth.”
But in the long term, Mr. Miller said, strong export sales could suggest that producers are selling products overseas because domestic sales are weakening. “Our underlying domestic growth is weakening relative to overseas growth,” he said.
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