News Summary: US trade deficit widened in October
DEFICIT HIGHER: The U.S. trade deficit grew 4.8 percent in October from September to $42.2 billion. The deficit increased because exports fell by a larger margin than imports.
EXPORTS AND IMPORTS: U.S. exports dropped 3.6 percent to $180.5 billion because sales of commercial aircraft, autos and farm products all declined. Imports fell 2.1 percent to $222.8 billion, reflecting fewer shipments of foreign-made cell phones, autos and machinery.
OUTLOOK: A wider trade deficit will likely drag on U.S. growth. It typically means the U.S. is earning less on overseas sales of American-produced goods while spending more on foreign products.