U.S. third-quarter economic growth could surprise on the upside after government data on Wednesday showed the goods trade deficit narrowed sharply to a seven-month low in September.
Economists had expected gross domestic product to expand at an annual rate of 1.6 percent last quarter, according to a Reuters poll. Many, however, raised their forecasts after the Commerce Department reported that the goods trade deficit fell to $58.6 billion from $67.2 billion in August.
Economists now estimate that trade subtracted only one-tenth of percentage point from third-quarter GDP, rather than the about 0.8 percentage point they had previously forecast.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.