Exciting Trade Deficit News

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This is genuinely good news:

The U.S. trade deficit unexpectedly narrowed for the first time in four months in August, with exports rising to their highest level of the year and imports easing despite higher oil prices.

….The decline, the first since May, was a surprise on Wall Street. Economists surveyed by Dow Jones Newswires had expected a further widening in the deficit to $33.6 billion.

The recent resurgence of oil prices had been pushing the trade deficit back up, after a brief dip earlier in the year when the recession sapped demand for imports. However, exports have enjoyed a five-month uptrend, which bodes well for the economic outlook.

As with a lot of other hopeful indicators, there’s no telling if this one will last.  But it’s essential that it does.  Despite what Sarah Palin may think, the U.S. desperately needs a weaker dollar, lower consumption, and an end to the permanent current account deficit.  This news probably won’t get a lot of attention, but it should.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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