Collapsing world trade is doing wonders for the U.S. trade deficit. It fell to its lowest level in nine years in February.
Total trade (exports plus imports) declined from $286 billion in January to $279.5 billion in February. Imports declined by $8.2 billion while exports increased by $2 billion. Imports from China fell 23.7%.
I’ve seen a few analyses suggesting that not too much should be made of this other than to note the depressed state of world trade. If I see some more detailed analysis later, I’ll post it.
New jobless claims fell a bit but the labor market is still a mess. Initial claims fell to 654,000 down from 674,000 the previous week. The four week moving average fell slightly to 657,200.
Neither set of data suggest much one way or the other with regard to economic trends.
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