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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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