Officials add 1.42 percentage points to GDP in second quarter.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced this week that America’s trade deficit reduced by $10.2 billion in the month of July, falling to $70.6 billion after recording $80.9 billion in the month of June. The exports of goods and services raised by 0.2% while imports fell by 2.9%, showing slow growth in the gross domestic product (GDP).
Trade added 1.42% in growth to America’s GDP this quarter, the first time it has increased in seven quarters. The nation’s GDP rose overall because of this, despite a dip in economic activity within the country itself. Though the U.S. experienced a trade deficit reduction in July, the trade deficit has increased by 29% in the year-to-date data; exports have increased by 19.9% while imports have increased by 22.1%.
As the Lord Leads, Pray with Us…
- For Director Santos as he provides data from the Census Bureau.
- For Acting Director Bohman as she oversees the Bureau of Economic Analysis.
- For Commerce Department officials as they work with the U.S. trade representative and other agencies to determine the trade deficit.
Sources: Bureau of Economic Analysis, Reuters
