US trade balance - widest deficit since October 2008 - ANZ

Analysts at ANZ explained that the US trade balance came in at -$53.1bn – the widest deficit since October 2008.

Key Quotes:

"Imports were up 2.5%, with exports up 1.8%. Consumer goods and autos drove imports, highlighting firm domestic growth momentum. Exports rose due to industrial supplies. 

The trade balance with China came in at -$34.03bn, bringing the annual deficit to $375.2bn, compared to $347bn in 2016. 

Mexico holds the second largest deficit at $71.1bn, compared to -$64.3bn in 2016. 

JOLTS came in at 5.81m, continuing to crest from the September peak of 6.177m. Construction, retail and professional business services led declines."