• Prior was -29.4B
• Goods trade vs -56.57B prior

The big improvement in October data led to a jump in Q4 GDP forecasts.

Separately, the Q3 productivity report was released:

• Productivity vs 4.9% expected
• Unit labor costs vs -1.9% expected

The US International Trade in Goods and Services report, commonly known as the trade balance report, is a monthly economic indicator jointly released by the US Census Bureau and the Bureau of Economic Analysis. It measures the difference between the monetary value of exports and imports.

A positive value indicates a trade surplus, while a negative value—a consistent reality for the U.S. since 1975—represents a trade deficit. The report is a critical component for calculating gross domestic product and provides insight into consumer demand, manufacturing health, and the US dollar’s strength in global markets.