America’s trade deficit continued growing in October 2018 according to data from the Bureau of Economic Analysis. The most recent deficit grew to $55.5 billion from the upwardly revised count of $54.6 (originally $54.0 billion). In the period, exports declined $300 million while imports increased $600 million, causing the shortfall to reach a 10-year high.
When it comes to the American economy, the consumer is the primary driver. In order for consumers to push output ahead, they need income to spend.
Sales of new homes continued falling in October 2018 according to the Census Bureau. Sales of new single-family houses dropped 53,000 to 544,000 on a seasonally adjusted annualized basis. This is 8.9 percent less than in September and 12.0 percent below the October 2017 figure of 618,000.