The Census Bureau Advance Report on International Trade shows the trade deficit was $69.7 billion in November, up $1.6 billion from $68.1 billion in October.

  • Exports of goods for November were $133.7 billion, $3.8 billion more than October exports.
  • Imports of goods for November were $203.4 billion, $5.4 billion more than October imports.

The deficits were above consensus estimates but the amounts are so small (a net increase of $1.6 billion) that the report will not change GDP estimates much, if at all.

However, the report may cause more protectionist howls from the Trump administration.

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Mike "Mish" Shedlock