- England captain Stokes back from injury for second Pakistan Test
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- South Korea military says 'fully ready' as drone flights anger North
- Pakistan 'vigilantes' behind rise in online blasphemy cases
- Nearly 90, but opera legend Kabaivanska is still calling tune
- Smith experiment as Test opener over, Green out of India series
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Dodgers crush Mets 9-0 in MLB playoff series opener
- South Korea military says 'fully ready' as drone tensions soar
- Cummins back, Marsh and Head out of Pakistan ODI series
- Shanghai stocks swing after stimulus briefing as most of Asia rises
- New Zealand's Latham promises 'no fear' as he takes charge for India Tests
- Kyrgios vows to 'shut up' doubters with December comeback
- Public hearings start into death of Brit by Russian nerve agent
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- 'Stolen satire' feeds US election misinformation
- Rookie McCarty captures first PGA Tour title in Black Desert Championship
- Australia all-rounder Green ruled out of India Test series
- Seeing double in Nigeria's 'twins capital of the world'
- UK FM to attend EU foreign affairs talks for first time in 2 years
- Carter, Billups among 13 new Basketball Hall of Fame inductees
- Ravens rip Commanders as Lions lose NFL sacks leader in win
- Hezbollah drone strike kills four, wounds dozens at Israeli base
- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
US October trade deficit widens further on decline in exports
The US trade deficit continued to grow in October due to a fall in exports, according to government data published Wednesday.
The overall trade gap of the world's biggest economy rose by 5.1 percent to $64.3 billion, up from a revised $61.2 billion in September, the Commerce Department said in a statement.
October's widening trade deficit was the result of a $2.6 billion decline in the value of US exports to the world, while imports rose by $500 million.
This was slightly below market expectations for the deficit to grow to $64.4 billion, according to Briefing.com.
Like much of the world, US consumers and businesses have been grappling with higher interest rates since the Covid-19 pandemic, as policymakers have looked to tackle inflation by tightening monetary policy.
While these actions have had some success in slowing down inflation, they have also reduced demand for goods and services among consumers facing higher borrowing costs and elevated goods prices.
"The deficit remains about 45% wider than it was just ahead of the pandemic, though the process of normalization in the deficit is likely still in place," economists at Wells Fargo wrote in an investor note Wednesday.
"The outlook for trade flows going forward is likely one of moderation, given the trajectory for demand and growth will slow, both domestically and abroad," High Frequency Economics Chief US Economist Rubeela Farooqi wrote in a note to clients.
The US deficit in goods with China, the world's second-largest economy, declined slightly in October to $23.9 billion, down from $24.1 billion a month earlier, the Commerce Department said.
D.Kaufman--AMWN