The nation's trade deficit in goods dropped 7.3% in August to $84.3 billion, reflecting in part a decline in consumer imports such as the new iPhone.
The numbers: The nation’s trade deficit in goods dropped 7.3% in August to $84.3 billion, reflecting in part a decline in consumer imports such as the new iPhone.An advanced estimate of wholesale inventories, meanwhile, showed a 0.1% decrease in August. Retail inventories climbed 1.1% in the month, according to an early estimate.
Key details: Imports fell 1.2% to $253.1 billion in August. The U.S. imported fewer consumer goods such as the newest iPhones. Shipments of the phones were high in the prior months as Apple AAPL, +0.15% prepared to launch its new product line.The full trade report for August, which includes services such as tourism and travel, comes out next week.
Big picture: Lower trade deficits add to gross domestic product, the official scorecard for the economy. So do higher inventories. The decline in the trade gap and overall increase in inventories in August could give a slight boost to GDP in the third quarter. The economy is poised to show growth of 4% or more in the three months running from July to August.
Market reaction: The Dow Jones Industrial Average DJIA, +0.35% and S&P 500 SPX, +0.59% were set to rise in Friday trades after the government reported a small increase in so-called core inflation.
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