Goldman Sachs on today's trade data
The US reported at $48.3 billion trade deficit for August, which was fractionally worse than estimates.
Analysts at Goldman Sachs noted that real goods exports were down 1.5% m/m while imports jumped 3.1% to take for an increase in the goods deficit to $7.3 billion, which is one of the largest moves on record.
"The details of the report were modestly worse than our expectations. We therefore revised down our tracking estimate of Q3 GDP by two tenths to 1.7%," they wrote. They added that trade will cut 0.5 percentage points from quarterly growth.
