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.
Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.