The Census Bureau's Advance Trade Indicator supports another record trade deficit in goods.
- Exports fell from 149,111 million to 142,152 million
- Imports rose 237,275 million to 238,403 million.
The net impact is an increase in the international trade deficit of 9.2% to a record 96,252 million.
Bond yields plunged on the news.
The BEA reports the advance estimate for third-quarter GDP tomorrow.
It is increasingly likely we see a negative number and almost assuredly we see a negative bottom-line number in real final sales, the true measure of GDP.
As I have stated, the economy is cooling rapidly, and it's not just in the US. It's global.
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