The US trade deficit in goods expanded in December as imports continued to rise, indicating that trade is likely to negatively impact economic growth in the fourth quarter of 2021.
The U.S. Department of Commerce said Wednesday that the commodity trade deficit increased 3% to $ 101.0 billion last month.
The report was released ahead of the fourth quarter GDP data, due out Thursday. The negative impact of trade on GDP growth continued for five consecutive quarters.
According to a Reuters poll, the US economy likely grew at an annual rate of 5.5% in the fourth quarter of last year, accelerating from the third quarter pace of 2.3%.
The growth of the world’s largest economy last year is projected to have been the strongest since 1984.
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