by Mish

Third-quarter GDP is off to a slow start, at least for international trade in goods where the July trade gap widened more than $1 billion to $65.1 billion. Exports fell 1.3 percent and were pulled down by a sharp fall in vehicles and also consumer goods which are two weak categories for the US. Helping to ease the effect of exports was a 0.3 percent decline in imports where foreign vehicles, which are usually in strong demand, fell 2.8 percent while industrial supplies were down 1.7 percent. July’s trade report including services will be posted next week.

Deficits subtract from GDP, but the deficit increase is so small as to be nearly meaningless.

This will not impact GDP measurements more than a tick or two.

Mike “Mish” Shedlock

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