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Economy in Brief
U.S. CPI Unchanged in July with Drop in Energy Prices
Consumer prices were unchanged in July after an outsized 1.3% m/m jump in June...
U.S. Federal Government Budget Deficit Shrinks in July
The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
U.S. Mortgage Applications Rose Slightly in the Latest Week
Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
German Inflation Rises
The German inflation rate as measured by the HICP accelerated to 8.4% in July...
U.S. Productivity Declines in Q2, Pushing Unit Labor Costs Higher
Nonfarm business sector productivity fell 4.6% (AR) during Q2'22...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller July 13, 2005
The U.S. foreign trade deficit improved more than expected in May to $55.3B versus April's downwardly revised deficit of $56.9. Consensus expectations had been for a deficit of $57.0B.
Total exports ticked up 0.1% after the 3.3% spike in April. Goods exports slipped 0.1% (+9.3% y/y) as capital goods fell 3.0% (+4.3% y/y) due to a 28.4% (+13.4% y/y) drop in civilian aircraft. Exports of advanced technology products fell for the second month and the 8.0% decline (NSA, +0.8% y/y) was nearly double the drop in April. Exports of nonauto consumer goods rose 4.7% (13.9% y/y) and exports of foods, feeds & beverages jumped 11.1% (15.9% y/y).
Services exports rose 0.6% (14.8% y/y) as passenger fares rose 2.9% (17.3% y/y) but private travel fell 0.3% (+15.8% y/y).
Imports of goods & services fell 0.9% as imports of petroleum products fell 6.8% (+35.5% y/y). The average price of crude oil fell 3.8% to $43.08 per bbl. (+30.0% y/y). Since May the price of oil has more than recouped that decline and risen to roughly $50 per bbl. Imports of non-petroleum goods slipped 0.3% (+9.1% y/y) as capital goods imports fell 1.8% (+11.3% y/y).
The US trade deficit with China deepened to $15.8B ($161.9B in 2004) as imports were strong for the second consecutive month and jumped 5.1% (26.4% y/y). The US trade deficit with Japan again improved slightly to $6.6B ($75.6B in 2004) but the monthly trade deficit with the Asian NICs deepened to $1.2B ($21.9B in 2004). The US trade deficit with the European Union deepened to $10.5B ($109.3B in 2004).
U.S. Economic Growth, Relatively Speaking from the Federal Reserve Bank of St. Louis can be found here.
Foreign Trade | May | April | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Trade Deficit | $55.3B | $56.9B | $48.7B (5/04) | $617.6B | $494.8B | $421.2B |
Exports - Goods & Services | 0.1% | 3.3% | 10.9% | 12.6% | 4.6% | -3.0% |
Imports - Goods & Services | -0.9% | 4.3% | 11.8% | 16.6% | 8.5% | 2.1% |