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(CEP News) - The U.S. monthly trade deficit narrowed in line with expectations in August, shrinking 3.5% to $59.1 billion, just ahead of the consensus expectation of $59.0 billion, and following a downwardly revised $63.1 billion in July, the U.S. Census Bureau reported Friday.
July's reading was initially reported at $62.2 billion. Total August exports were $164.715 billion, while imports were $223.853 billion, resulting in a goods and services deficit of $59.138 billion. August exports were up 2.0%, or $3.374 billion less than July exports of $168.089 billion, and August imports were down 2.4%, or $6.540 billion less than July imports of $229.393 billion. August's goods deficit shrank to $70.9 billion from July's $74.1 billion and the services surplus decreased to $11.8 billion from July's $12.8 billion. The ex-petroleum deficit widened to $23.530 billion from July's $18.355 billion. By Patrick McGee,
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, edited by Stephen Huebl,
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