Trade Gap Unexpectedly Narrows in August on Record U.S. Exports
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The trade deficit in the U.S. unexpectedly shrank in August to the lowest level in seven months as exports edged up to a record.
The gap decreased 0.5 percent to $40.1 billion, the smallest since January, from a revised $40.3 billion in July, the Commerce Department reported today in Washington. The median forecast in a Bloomberg survey of 70 economists called for a deficit of $40.8 billion. The gain in exports was driven by capital goods such as telecommunications equipment, and the petroleum shortfall was the smallest since 2004.