The U.S. trade deficit declined to the lowest level in nearly two years as exports rose to a record high. The gain may not last given the global economic slowdown.
Still, the narrower trade deficit could lead the government to revise its July-September economic growth estimate slightly higher than the 2 percent annual rate reported last month. That’s because U.S. companies earned more from overseas sales while consumers and businesses spent less on foreign products.
The deficit narrowed to $41.5 billion in September, the Commerce Department said Thursday.
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