Sharply narrower trade gap revives hopes for decent Q3 growth

September 8, 2011

Economists busy revising down their third quarter gross domestic product forecasts had to backpedal a bit on Thursday after Commerce Department data showed a steep shrinking of the U.S. trade deficit — despite an unexpected rise in weekly jobless claims. The trade gap shrank to $44.8 billion in July, Commerce Department data showed, down sharply from June’s $53.1 billion deficit and much lower than forecasts around $51 billion. The 13.1 percent decline was the biggest month-to-month percentage drop in the deficit since February 2009.

Economy signs: Some good news

September 9, 2010

A sign is pictured on Wall St. near the New York Stock Exchange in New York November 25, 2008. REUTERS/Lucas JacksonA look at the macroeconomic news and its impact on the mood of investors and the direction of the economy. Are we heading for a double-dip recession?