Commerce figures show that the US trade gap narrowed to $18.7 billion in September, which was narrower than the $24.2 billion economists were looking for. Today's trade deficit number was the smallest trade gap in 30-months. In August, the trade gap stood at an unrevised $27.1 billion.
Helping narrow this months trade gap was a lower amount of oil imports. In September, the US imported just 266 million barrels of oil, the smallest amount in seven months.
Exports from the US were also lower. In September, exports fell 8.5% with capital goods exports falling the most.
While a smaller trade gap is usually welcomed, and increase in exports to help narrow the gap is wanted. In the past several months, the narrowing gap has mostly been attributed to the slowing demand in the US, due to the weaker economy.
Stock futures lower Stock futures are lower this morning with S&P futures (sp01z) trading down 5 points at 1,148. NASDAQ futures (nd01z) are lower by 14 points at 1,613 and Dow futures (dj01z) are off 57 points at 9,942.