The prior month revised to -53.9B vs -53.1B previously reported

The US trade deficit widened to -56.6B vs -55.0B estimate. The deficit is up from -53.9B last month (was -53.1B).

  • January exports -1.3% versus Decembers +1.7%
  • Imports for January were unchanged versus Decembers +2.6%
  • January goods deficit came in at 76.49 billion. Services surplus was 19.89 billion
  • US January exports came in at $200.91 billion versus Decembers $203.61 billion
  • imports were $257.51 billion versus $257.51 billion
  • January capital goods imports $55.93 billion versus December imports of $57 billion
  • US China trade deficit $35.95 billion versus December deficit of $30.81 billion
  • US OPEC January trade deficit $2.87 billion versus December surplus of $211 million
  • oil imports $54.76 billion vs $52.10 billion

The worsening of the deficit will play into the Trump tariff plan. Economically, it will subtract from 1Q GDP. Although the ADP data was strong and should be a positive, the trade will be the negative

In other US news, US non-farm productivity came in unchanged for the 4th quarter versus -0.1% estimate. The harassment was at -0.1%.

unit labor costs for the 4th quarter increased by 2.5% versus 2.1% estimate. The prior estimate was for a 2.0% rise.