With imports surging by more than exports, the Commerce Department released a report on Tuesday showing the U.S. trade deficit widened roughly in line with economist estimates in the month of November.
The Commerce Department the trade deficit increased to $78.2 billion in November from a revised $73.6 billion in October.
Economists had expected the trade deficit to climb to $78.0 billion from the $73.8 billion originally reported for the previous month.
The wider trade deficit came as the value of imports shot up by 3.4 percent to $351.6 billion, while the value of exports jumped by 2.7 percent to $273.4 billion.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on service sector activity in the month of December.
The ISM’s services PMI is expected to inch up to 53.0 in December from 52.1 in November, with a reading above 50 indicating growth.
The Labor Department is also due to release its report on job openings in the month of November at 10 am ET. Job openings are expected to dip to 7.70 million in November from 7.74 million in October.
At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $39 billion worth of ten-year notes.
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