The U.S. trade deficit sank almost 11% in August because of lower imports of oil and new cars, potentially giving a boost to the official measure of economic growth in the third quarter.

The U.S. trade deficit narrowed sharply in August as exports increased and imports fell, suggesting that trade could be a small drag on economic growth in the third quarter. The trade gap contracted 10.

Washington, DC, October 8, 2024-The goods and services deficit was $70.4 billion in August, down $8.5 billion from $78.9 billion in July, revised, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced.